Indian seafood exports for the current fiscal are expected to cross $6 billion due to favourable market conditions and increase in the shrimp production.
Indian seafood exports for the current fiscal are expected to cross $6 billion due to favourable market conditions and increase in the shrimp production under aquaculture, state-run Marine Products Export Development Authority (MPEDA) said in a statement on Thursday. Provisional export figures during April-November 2017 have shown an increase of 18.72% and 15.16%, respectively in volume and value (in US dollar) of seafood exports, compared to the figures during the same period in 2016. India’s seafood exports touched an all-time high of $5.78 billion (Rs 37,870.90 crore) in FY17 by exporting 11,34,948 tonne. India is the largest exporter of shrimps to the US and is a leading supplier of shrimps and cephalopods to the EU market, and among the largest suppliers of frozen shrimp to Japan and Vietnam, MPEDA sources added.
India’s best marine products will be showcased for buyers from around the world at the 21st edition of India International Seafood Show (IISS) in Goa’s commercial capital Margao from January 27-29, while industry leaders and experts will deliberate on policies, market trends, technology and road-maps to achieving an export target of $10 billion by 2022, MPEDA sources said. “A key objective of the event is to highlight the country’s commitment towards sustainability in the entire value chain of seafood products such as primary production, processing and transportation,” said MPEDA chairman A Jayathilak. “We have very defined goals with regards to exports over the next five years and programmes such as IISS are important in introducing vivid Indian marine products to newer buyers and markets.” Around 3,000 delegates and more than 2,000 visitors from India and abroad, including the US, the UK, Spain, Japan, Australia, China, Vietnam, South Korea, Thailand, Malaysia and the Middle East, are participating in the event. On January 28, 2018, MPEDA will sign a Memorandum of Understanding with Coop, Switzerland, a supermarket chain with over 2,500 stores, on developing organic seafood supply systems in India to be marketed through their stores.