India’s Seafood Exports Hit Record High in FY 2023-24

New Delhi: India’s seafood exports reached an unprecedented volume during the financial year 2023-24, despite facing significant challenges in key export markets. The country exported 17,81,602 metric tons (MT) of seafood, valued at ₹60,523.89 crore (US$7.38 billion), marking a notable achievement for the industry.

Frozen shrimp remained the top export item, both in terms of quantity and value, with the United States and China emerging as the major importers of Indian seafood. The overall export quantity increased by 2.67% from the previous year, where India had exported 17,35,286 MT of seafood worth ₹63,969.14 crore (US$8.09 billion).

“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,” said Shri D V Swamy IAS, Chairman of the Marine Products Export Development Authority (MPEDA).

Major Export Items

Frozen shrimp, which generated ₹40,013.54 crore (US$4.88 billion), retained its dominance in the export basket, contributing 40.19% to the total quantity and 66.12% to the total dollar earnings. The export quantity of frozen shrimp increased by 0.69%, reaching 7,16,004 MT. The USA was the largest market, importing 2,97,571 MT, followed by China with 1,48,483 MT.

The export of black tiger shrimp saw significant growth, increasing by 24.91% in quantity and 11.33% in value. These exports amounted to 38,987 MT worth ₹2,855.27 crore (US$347.84 million). China emerged as the major destination for black tiger shrimp, followed by the USA, the European Union, and Japan.

Scampi exports also showed a positive trend, increasing by 6.42% in quantity, 23.22% in value, and 18.96% in dollar terms. The export of Vannamei shrimp grew slightly by 0.33% in volume but declined by 11.56% in value, from US$4.81 billion to US$4.25 billion.

Other Key Exports

Frozen fish, the second largest export item, earned ₹5,509.69 crore (US$671.17 million), accounting for 21.42% of the quantity and 9.09% of the dollar earnings. The export of frozen fish increased by 3.54% in quantity and 0.12% in value terms but declined by 2.31% in dollar terms.

Non-edible dried items such as fish and shrimp meal/feed were the third largest export category, generating ₹3,684.79 crore (US$449.17 million), showing significant growth in quantity and value.

Frozen squid, frozen cuttlefish, and chilled items also saw notable increases in exports, contributing to the overall growth of the sector.

Major Export Destinations

The USA continued to be the largest importer of Indian seafood, with imports worth US$2,549.15 million, accounting for 34.53% of the total value. Despite a slight decline in dollar terms, the volume of exports to the USA increased.

China emerged as the second largest market, importing 4,51,363 MT worth US$1,384.89 million. Although the dollar value declined, the volume of exports to China grew by 12.80%.

Japan, Vietnam, Thailand, Canada, Spain, Belgium, the UAE, and Italy also featured prominently as major importers of Indian seafood, each contributing significantly to the total export volume and value.