Exports of marine products contracted by 8.74 per cent to $7.37 billion during 2023-24, due to demand slowdown, in key markets of the US and Europe, according to the commerce ministry data.
Indian exporters, however, expressed confidence that in 2024-25, marine exports, would register a healthy growth as they are getting good orders.
The shipments stood at $8 billion in 2022-23, the data showed.
According to exporters, demand slowdown, high inflation in developed economies, and increasing exports of frozen shrimp from Ecuador to America, are some of the reasons for dip in India's exports last fiscal.
Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said, that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports".
He said that the order books are healthy so far.
"Now frozen shrimp from India and Ecuador, will compete in the US market and we are hopeful to gain. In 2024-25, our exports will register good growth," Gupta said.
India is aiming to increase seafood exports to ₹1 lakh crore in the next two years, by increasing its processing capacity, and shifting to higher value-added products.
India achieved record exports of seafood in terms of volume, and value by shipping 17,35,286 tonnes of seafood worth ₹63,969.14 crore ($8.09 billion) during 2022-23.
Frozen shrimp remained the major export item in terms of quantity and value, and the US and China turned out to be major importers of Indian seafood.
Frozen shrimp, which earned ₹43,135.58 crore ($5,481.63 million), retained its position as the most significant item in the basket of seafood exports in 2022-23.
It also accounted for a share of 40.98 per cent in quantity, and 67.72 per cent of the total earnings in dollar terms.
The overall export of frozen shrimps during 2022-23 was pegged at 7,11,099 tonnes. The US imported 2,75,662 tonnes of frozen shrimp, followed by China at 1,45,743 tonnes.
The US is the single biggest market, taking in $2.4 billion, out of $5.5 billion worth of shrimp that left Indian shores in 2022-23.
There are around one lakh shrimp farms in India, and most of them are in Andhra Pradesh.
The top export destinations for these products include the US, Europe, China, Japan, Vietnam and Thailand.
After frozen shrimps, frozen fish and frozen squid, are key products of marine exports from the country.