By 2021-22, India had exported 17,35,286 MT of seafood products worth USD 8.09 billion (EUR 7,42 billion), a record for seafood exports both in terms of volume and value. All this, despite the various global challenges and those specific to its main export markets.
The Indian industry continues to develop with impressive figures according to the report of the Ministry of Commerce and Industry. Thus during the fiscal year 2022-23, exports improved in quantity terms by 26.73% and in monetary terms by Rs 11.08%, and USD 4.31%.
Currently, the main species in the industry continues to be frozen shrimp, both in terms of quantity and value. In concrete figures, frozen shrimp had a share of 40.98% in quantity and 67.72% of total earnings in U.S. dollars. The United States was the leading market, followed by China, the European Union, Southeast Asia, Japan, and the Middle East.
Yet it was not the only shrimp that stood out; so did the tiger shrimp. This species increased by 74.06% in quantity and 55.41% in value in U.S. dollars in 2022-23. In contrast to frozen, Japan was leading.
Exports of dry goods grew by 243.27% in terms of quantity and 167.70% in terms of earnings in US dollars. Among the most outstanding products were fishmeal, shrimp, and dried fish crawfish.
Likewise, refrigerated items have achieved a promising status and have increased by 12.66% in quantity and 20.73% in terms of earnings in U.S. dollars. The products to be highlighted were squid, cuttlefish, and chilled and live pieces.
In terms of market, the USA is the principal importer of Indian seafood products in terms of value, with imports worth USD 2,632.08 million. Still, exports to the country declined by 21.94 % due to sluggish demand. Frozen shrimp continued to lead.
In addition, the rest of the markets consumed more Indian products this year, increasing their purchases of Indian products by at least 6.99%.
