The Indian government is pushing for further growt

Seafood exports have increased by 30% in the last 4 years

INDIA
Friday, August 09, 2024, 07:00 (GMT + 9)

India's seafood exports have increased by more than 30% from 2019 to 2023 and the government is pushing for further growth.

According to the Ministry of Commerce and Industry of India, India's total seafood production stood at 14.2 million tonnes in 2019-20, but the total production has increased to 18.3 million tonnes in 2023-24. The country's seafood exports have increased from 1.4 million tonnes to 1.8 million tonnes in the same period.

Photo: pib.gov.in

By value, India's seafood exports are expected to increase from INR 467 billion (USD 6.6 billion, EUR 6 billion) in 2019-20 to INR 610 billion (USD 7.4 billion, EUR 6.8 billion) in 2023-24.

While it is unlikely to meet its ambitious target of $12 billion (€11.1 billion) in annual seafood exports by 2025, the Indian government is pushing for further growth. It has increased the country’s exemption from duties and taxes on export products (RoDTEP) from 2.5% to 3.1% for certain seafood products, which will allow Indian exporters to receive a partial refund on the taxes and duties they pay to export their goods, subject to an increased maximum value ceiling of INR 69 (€0.82, €0.74).

The Indian government has also reduced import duties on fish feed and shrimp feed, as well as feed ingredients including fish oil and alternatives such as algal oil.

The move is likely to make Indian seafood products more attractive in the internatioal market, boosting export growth, said Indian Commerce and Industry Minister Jitin Prasada.

Photo: pib.gov.in

Announced by the Indian Ministry of Fisheries in March 2023, the Pradhan Mantri Matsya Sampada Yojana outlines a comprehensive strategy to promote sustainable development of the Indian fisheries sector. The strategy notably includes an investment of INR 60.9 billion (USD 725 million, EUR 684.4 million) over five years to promote sustainable and responsible development of the Indian fisheries sector, specifically through investments in fish production and post-harvest infrastructure and value chain modernization.

The top five destinations for India's seafood exports

United States of America

The USA retained its position as the major importer of Indian seafood with a 34.53% share in terms of US$. In 2023-24, the USA imported 3,29,192 MT of seafood, accounting for the second-largest volume at 18.48%, valued at US$ 2,549.15 million. Exports to the USA increased by 7.46% in quantity and 1.42% in ₹ value terms. The USA also offered the secondhighest unit value realization among the top 10 countries, at 7.74 US$/Kg.

China

China (excluding Hong Kong and Taiwan) remained the second-largest destination for Indian seafood, holding an 18.76% share in US$ earnings. China imported 4,51,363 MT of seafood, the largest volume at 25.33%, worth US$ 1,384.89 million. Although exports to China showed a positive trend with a 12.80% increase in quantity, they declined by 4.21% in US$ terms.

Photo: pib.gov.in

Japan

Japan regained its position as the third-largest export destination in terms of US$ (5.42% share) and ranked fifth in volume (6.06% share). The export volume to Japan was 1,07,968 MT, valued at US$ 399.74 million

Vietnam

Vietnam emerged as the fourth-largest export destination in terms of US$ (5.30% share) and volume (7.41% share). The exports to Vietnam totalled 1,32,086 MT, worth US$ 391.41 million, showing a decline in both volume and value terms year-on-year.

Thailand

Thailand ranked as the fifth-largest export destination in terms of US$ (3.82% share) and held the third position by volume (7.77% share). The export volume to Thailand was 1,38,457 MT, valued at US$ 281.97 million, also showing a decline in both volume and value terms year-onyear.

Government Initiatives to Boost Seafood Exports

The Indian government has implemented several initiatives to bolster the seafood export sector. A key player in this is the Marine Products Export Development Authority (MPEDA), which provides crucial support.

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