Sea food exports plunge by 4% in Aug

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New Delhi: The country's marine exports declined by about four per cent to USD 148.54 million in August over the same period last year, owing to slowdown in demand in the US and European markets.

In August 2008, the exports were USD 154.70 million, according to the Marine Products Export Development Authority.

The industry experts said that besides less demand from western markets, the exporters are also facing problems due to strengthening of rupee against the US dollar.

The weakening of dollar results in falling margins for exporters as their rupee realisations drop, which in turn affects their negotiating power with the global buyers.

The dollar is trading at below Rs 47, weakening by over 10 per cent from Rs 52.17 in the first week of March 2009.

During the first five months of this fiscal, marine products exports plunged by about eight per cent to USD 648.75 million from USD 703.70 million in the same period last year.

Sea food exports, which have a very minimal contribution to the country's total outward shipments, plunged into the negative zone in October last year. In 2008-09, the exports were placed at USD 1.90 billion.

Among marine products, shrimp is the main exporting item accounting for 44 per cent of the total seafood export earnings, followed by fish and cuttlefish.