India's Seafood Exports Hold Steady at $7.45 Billion Despite Volume Dip
India's seafood exports reached $7.45 billion, a slight increase from $7.38 billion previously, despite a drop in volume to 16.98 lakh tonnes from 17.82 lakh tonnes. Frozen shrimp dominated exports at $5.17 billion, accounting for 69.46% of total exports. The United States remained the largest importer at $2.71 billion, up from $2.55 billion. China and the European Union followed with imports of $1.27 billion and $1.12 billion respectively. Vizag and JNPT emerged as primary export gateways. The stability in export value despite volume decline suggests an increase in per-unit value, potentially due to improved product quality and focus on high-value products.
*this image is generated using AI for illustrative purposes only.
India's seafood industry has demonstrated resilience in the face of challenges, with export values remaining stable despite a decline in volume. The sector has managed to maintain its export value, showcasing the strength of Indian seafood in the global market.
Export Performance
India's seafood exports stood at $7.45 billion, showing a marginal increase from $7.38 billion in the previous period. This stability in value comes despite a noticeable decrease in export volume, which fell to 16.98 lakh tonnes from 17.82 lakh tonnes previously.
Product Breakdown
Frozen shrimp continues to be the backbone of India's seafood exports, dominating the sector:
| Product Category | Export Value | Percentage of Total Exports |
|---|---|---|
| Frozen Shrimp | $5.17 billion | 69.46% |
| Frozen Fish | $622.60 million | - |
| Frozen Squid | $367.68 million | - |
Key Export Destinations
The United States remains the largest importer of Indian seafood:
| Country/Region | Import Value | Year-on-Year Change |
|---|---|---|
| United States | $2.71 billion | Up from $2.55 billion |
| China | $1.27 billion | - |
| European Union | $1.12 billion | - |
Export Infrastructure
Two ports emerged as the primary gateways for India's seafood exports:
- Vizag (Visakhapatnam)
- JNPT (Jawaharlal Nehru Port Trust)
These ports handled the majority of seafood cargo, facilitating the smooth flow of exports to international markets.
Industry Insights
The stability in export value despite a volume decline suggests a potential increase in the per-unit value of Indian seafood products. This could be attributed to factors such as:
- Improved product quality
- Strategic focus on high-value products
- Favorable market conditions in key importing countries
The continued dominance of frozen shrimp in the export basket underscores its importance to the Indian seafood industry. The growth in exports to the United States, despite global economic challenges, indicates the strong demand for Indian seafood products in the American market.
While the industry has shown resilience, the decline in export volume presents both challenges and opportunities. It highlights the need for sustainable fishing practices and potential areas for improving productivity and efficiency in the seafood supply chain.
As India continues to be a major player in the global seafood market, the industry's ability to maintain export values in the face of volume challenges demonstrates its adaptability and the quality of its products. Moving forward, focusing on value-added products, exploring new markets, and ensuring sustainable practices will be crucial for the continued growth and success of India's seafood export sector.
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