Despite the heavy odds faced by the sector, India’s marine products exports reached a record high of $7.74 billion during 2021-22, achieving the 99 per cent of the $7.809-billion target fixed by the Commerce Ministry for 2021-22.
The growth was 30 per cent higher compared with 2020-21 in dollar terms. Seafood exports have witnessed an 8.23 per cent CAGR during the past decade.
The US, China and Japan are the top three favourite destinations for Indian marine exports. Exports to these three countries contributed 63 per cent of exports in dollar terms. The top five countries contributed 70 per cent of exports and the top 10 countries contributed 82 per cent of total marine exports in dollar value. The top 10 countries were the US, China, Japan, Vietnam, Thailand, Spain, Canada, Italy, UAE and Belgium.
The US has remained the top destination for seafood exports for the past 11 years. The target fixed for the US market was $3.021 billion and the achievement was $3.315 billion.
China again stood at the number two position, a ranking it has retained during the previous three years despite the various trade challenges faced. Exports to China touched $1.121 billion against the target of $1.021 billion. Japan was at the number three position, retaining the same ranking for the past three years. Exports to Japan were $448 million against the target of $428 million.
Geopolitical crisis
Sources at The Marine Products Exports Development Authority (MPEDA) told BusinessLine that the Russia-Ukraine conflict hit seafood shipments to CIS countries in the last quarter. Otherwise, the export figure could have crossed the target fixed by the Ministry.
Besides, the pent up demand from various countries are also a contributing factor for India to perform well in the global market. South-East Asian nations are the main source for these countries to procure seafood. But the rising Covid cases had restricted exports and affected production. This has facilitated these countries to source seafood from India, sources added.
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