India’s seafood exports reached an all-time high in volume during FY24, overcoming numerous challenges in key export markets. The country exported 17,81,602 MT of seafood valued at Rs. 60,523.89 crore (US$ 7.26 billion). Frozen shrimp remained the major export item in quantity and value, with the USA and China being the largest importers of Indian seafood. During FY24, export volumes improved by 2.67%.
In comparison, India exported 17,35,286 MT of seafood worth Rs. 63,969.14 crore (US$ 7.67 billion) in 2022-23. “India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood worth US$ 7.38 billion, despite several challenges in its major export markets like the USA, EU, and the UK,” stated Chairman of the Marine Products Export Development Authority (MPEDA) Mr. D V Swamy IAS.
Frozen shrimp, which generated Rs. 40,013.54 crore (US$ 4.80 billion) was the top item in the seafood export basket, accounting for 40.19% of the total quantity and 66.12% of the total dollar earnings. Shrimp exports during the period increased by 0.69% in quantity terms. The export of frozen shrimp in 2023-24 was 7,16,004 MT.
The USA, the largest market, imported 2,97,571 MT of frozen shrimp, followed by China (1,48,483 MT), the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT). The export of black tiger (BT) shrimp increased by 24.91%, 11.33%, and 8.28% in quantity in 2023-24. BT shrimp exports totalled 38,987 MT worth Rs. 2,855.27 crore (US$ 342.3 million).
China (including Hong Kong) emerged as the major export destination for BT shrimp with a 28.43% share in terms of US$ value, followed by the USA (18.21%), European Union (18.06%), and Japan (13.12%). Scampi exports showed a positive trend, increasing by 6.42%, 23.22%, and 18.96% in quantity in 2023-24. Vannamei shrimp exports grew by 0.33% in volume; however, they declined by 11.56% in value from US$ 4.81 billion to US$ 4.25 billion.
