India's Seafood Exports Reach Record High by Volume in FY 2023-24

India's seafood industry achieved a significant milestone in the financial year 2023-24, reaching an all-time high in export volume. Despite facing various challenges in major export markets, the country successfully shipped 17,81,602 metric tons (MT) of seafood valued at Rs 60,523.89 crore (USD 7.38 billion).

Frozen shrimp remained the major export item in quantity and value, while United States and China were the largest importers of Indian seafood. Compared to the previous year, the export volume saw a 2.67% increase, up from 17,35,286 MT in 2022-23.

Frozen Shrimp Leads the Way

Frozen shrimp emerged as the predominant export item, contributing significantly to both quantity and value. The sector earned Rs 40,013.54 crore (USD 4881.27 million), representing 40.19% of the total export volume and 66.12% of dollar earnings. The volume of frozen shrimp exports rose to 7,16,004 MT, with the USA and China emerging as the largest importers. The USA imported 2,97,571 MT, while China accounted for 1,48,483 MT. The export of black tiger (BT) shrimp increased significantly, with China emerging as the top destination, followed by the USA, European Union, and Japan.

Frozen Fish and Other Seafood Products

Frozen fish was the second-largest export item, fetching Rs 5,509.69 crore (USD671.17 million), despite a slight decline in dollar terms. Fish and shrimp meal and feed, the third most significant export category, saw substantial growth, earning Rs 3684.79 crore (USD 449.17 million). Other notable exports included frozen squid, Surimi and Surimi analogs, frozen cuttlefish, and chilled items, each contributing significantly to the total export earnings.

D.V. Swamy, Chairman of the Marine Products Export Development Authority (MPEDA), highlighted the record achievement, noting that the exports reached an all-time high in terms of volume despite several challenges in major markets like the USA, EU, and the UK.

Leading Export Destinations

USA maintained its position as the top market for Indian seafood, importing goods worth USD 2,549.15 million, which constituted 34.53% of India's total seafood exports by value. Although the volume and value in rupee terms increased, the dollar value saw a minor decline. China, excluding Hong Kong and Taiwan, was the second-largest market, importing 4,51,363 MT worth USD 1,384.89 million. Frozen shrimp continued to be the principal item exported to the US, with a share of 91.90% in US terms.

Japan held the third spot with a 6.06% share in quantity and 5.42% in value, with frozen shrimp being the main export item. Vietnam and Thailand followed, with significant contributions from frozen shrimp and fish exports. Canada, Spain, Belgium, UAE, and Italy also ranked among the top ten importers, collectively accounting for 79.89% of the total export value.

India's seafood export sector demonstrated resilience and growth, achieving record volumes despite global market challenges. With frozen shrimp leading the export basket and diverse markets contributing to the demand, India's seafood industry continues to thrive on the international stage.