Seafood export of India is forecasted to reach an unprecedented milestone, as the value is anticipated to climb up to USD 8 billion, marking a new record in the FY 2022-23, despite three years of slow global market due to the pandemic, logistical challenges and strict inspections of shrimp consignments.
In 2021-22, India exported 13,69,264 tons of seafood products worth $7.76 billion, the highest value ever and shrimp production exceeded one million metric tons. Frozen shrimp remained the top export item, accounting for 53% of total revenue and 53% of volume.
Chairman of the Marine Products Export Development Authority (MPEDA), D.V. Swamy, expressed optimism in achieving new heights through sustainable fishing procedures, value addition in products, increased aquaculture production by modernization and aggressively entering new markets.
“Furthermore, the reduction in customs duty on ingredients used in the manufacture of aquatic feed, such as fish lipid oil, fish meal, Krill meal, mineral, and vitamin premix, will help to reduce production costs, providing a competitive edge to the entire stakeholders of the aquaculture industry,” Swamy said.
As part of its strategy to increase exports in FY 2022-23, MPEDA arranged about 40 Virtual Buyer Seller Meets (VBSMs) with Japan, China, Russia, the United Kingdom, Vietnam, Germany, Malaysia, South Korea, Oman, Singapore and Spain.
MPEDA studied the seafood market in China, India’s second largest importer and plans to conduct similar research in Commonwealth of Independent States, the Middle East and Southeast Asia.
Swamy also announced that the Rajiv Gandhi Centre for Aquaculture (RGCA), MPEDA’s technology standardization and transfer wing, is establishing a pilot project of Broodstock Multiplication Centre (BMC) of Penaeus monodon (Black tiger shrimp) in Visakhapatnam with the help of the Department of Fisheries.
“MPEDA has been making necessary interventions in seafood production, value addition, and market promotion to attain the target,” Swamy said.
