Exports of marine products break all records

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SME Times News Bureau | 04 Jun, 2014
India's marine product exports have broken all records in quantity, rupee value and dollar terms in the previous fiscal, according to the marine products exports authority which has set greater targets in the current year.

During the 2013-14 financial year, India's exports of marine products reached a record high of $5,007.70 million, aggregating 983,756 tonnes valued at Rs.30,213.26 crore.

Compared to the previous year, seafood exports went up 5.98 per cent in quantity, 60.23 per cent in rupee terms and registered 42.6 per cent growth in US dollar earnings.

Buoyed by the excellent performance, Marine Products Export Development Authority (MPEDA) envisages a target of $6 billion for the present fiscal, the authority has said.

The authority hopes to achieve it through increased production of L. Vannamei shrimp, quality control measures, better infrastructure facilities for production of value-added items.

Frozen shrimp continues to be the major export value item, accounting for a share of 64.12 per cent of the total dollar earnings.

Shrimp exports during 2013-14 increased by 31.85 per cent in quantity, 99.54 per cent in rupee value and 78.06 per cent in dollar value terms over the 2012-13 fiscal.

The US is the largest market for frozen shrimp in quantity terms, followed by the European Union, South East Asia and Japan.

However, South East Asia has continued to be the largest buyer of Indian marine products with a share of 26.38 per cent in terms of dollar value realisation, followed by the US and the European Union, according to the MPEDA.