India's seafood exports to reach an all-time high of $8 bn despite hurdles
- IBEF
- February 14, 2023
India's seafood exports are likely to reach an all-time high of US$ 8 billion in 2022-23 despite three years of a sluggish global market caused by the pandemic, logistical hurdles and strict inspections of shrimp consignments.
India recorded its highest-ever export by value during 2021-2022 with 13,69,264 tonnes of marine products worth US$ 7.76 billion (Rs 575.86 billion), while shrimp output surpassed one million MT. With a share of 53% in terms of quantity and 75% in terms of total revenue, frozen shrimp continued to be the most important export good.
Mr. D.V. Swamy, chairman of the Marine Products Export Development Authority (MPEDA), expressed confidence in the organization's ability to reach new heights through a multifaceted approach based on value addition, increased aquaculture production through diversification, and aggressive market penetration.
Additionally, the reduction of customs duties on components used in the production of aquatic feed, such as fish lipid oil, fish meal, Krill meal, mineral, and vitamin premix, will help to lower the production cost, giving all stakeholders in the aquaculture industry a competitive edge, according to Swamy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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