India's seafood exports hit all-time high in FY 2022-23, grow 26.73% in quantity & 4.31% in value

India's seafood exports hit all-time high in FY 2022-23, grow 26.73% in quantity & 4.31% in value 

India FY23 seafood exports at record $8.09 bn 

Frozen shrimp remains major export item in terms of quantity and value; U.S., China turn major importers of India’s seafood

India exported 17,35,286 tonnes of seafood worth ₹63,969.14 crore ($8.09 billion) during 2022-23, with frozen shrimp remaining the major export item in terms of quantity and value, while the United States and China turned out to be the major importers of India’s seafood, said a release from the Marine Products Export Development Authority (MPEDA) here on 14-06-2023.

During financial year 2022-23, export improved in quantity terms by 26.73%, in rupee terms by 11.08%, and in dollar terms by 4.31%. In 2021-22, India exported 13,69,264 tonnes of seafood worth ₹57,586.48 crore ($7,759.58 million), said MPEDA chairman D.V. Swamy.

India did well to achieve all-time high exports worth $8.09 billion with a volume of 17,35,286 tonnes despite several challenges in its major export markets like the US.

Frozen shrimp, which earned ₹43,135.58 crore ($5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98% in quantity and 67.72% of the total dollar earnings.

The overall export of frozen shrimp during 2022-23 was pegged at 7,11,099 tonnes. The US, the largest market, imported 2,75,662 tonnes of frozen shrimp, followed by China (1,45,743 tonnes) European Union (95,377 tonnes), South East Asia (65,466 tonnes), Japan (40,975 tonnes), and West Asia (31,647 tonnes).

The export of black tiger shrimp went up by 74.06%, 68.64%, and 55.41% in quantity, rupee value and dollar terms respectively in 2022-23.

Vannamei shrimp exports declined in 2022-23 compared to 2021-22 by 8.11% from $5234.36 million to $4809.99 million.

Frozen fish, the second largest export item, fetched ₹5,503.18 crore ($687.05 million) accounting for 21.24% in quantity and 8.49% in dollar earnings. The export of frozen fish increased by 62.65%, 58.51%, and 45.73% in quantity, rupee and dollar value terms respectively.