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India’s seafood exports likely to reach close to US$ 8 billion in FY 2022-23

India’s seafood exports likely to reach close to US$ 8 billion in FY 2022-23

Kolkata, Feb 13, (UNI) – India’s seafood exports are likely to reach an all-time high of US$ 8 billion in FY 2022-23, despite three years of a sluggish global market caused by the pandemic, logistical hurdles and strict inspections of shrimp consignments.

The budgetary provision of Rs 6,000 crore for the sub-scheme, Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), will boost the primary fish production, thereby increasing the availability of fish for export also. Access to institutional finance will give a fillip to the activities of fishers, fish vendors and micro and small entrepreneurs, improve value chain efficiencies and

expand the market, according to media statement.

“We are optimistic about achieving new heights through a multipronged strategy hinging on sustainable fishing methods, value addition, increased aquaculture production through diversification, and aggressively tapping into new markets,” said D V Swamy, Chairman, The Marine Products Export Development Authority (MPEDA).

Further, the slashing of the customs duty on ingredients, such as fish lipid oil, fish meal, Krill meal, mineral, and vitamin premix which are used in manufacturing aquatic feed, will help to reduce the production cost, thereby providing a competitive edge to the entire stakeholders of the aquaculture industry.

As part of the strategy to boost exports in FY 2022-23, MPEDA has organised around 40 Virtual Buyer Seller Meets (VBSMs) with Japan, China, Russia, the UK, Vietnam, Germany, Malaysia,

South Korea, Oman, Singapore, and Spain. In 2021-22, MPEDA organised 39 VBSMs in 21 countries.

It also physically or virtually participated in prominent seafood shows, including Seafood Expo North America (SENA) in Boston; Seafood Expo Global (SEG) in Barcelona; Japan International Seafood & Technology Expo, Tokyo; Fish International Bremen, Germany; Seafood Expo Asia, Singapore; World Food Moscow, Russia; and Busan International Seafood and Fisheries Expo (BISFE) in South Korea.

MPEDA researched the seafood market in China, the second largest importer of Indian seafood, while similar studies for countries in CIS (Commonwealth of Independent States), the Middle East and South East Asia have been planned.

Plans have also been drawn up for participation in upcoming trade fairs like Gulfood, SENA Boston and SEG Barcelona during February-April to gather knowledge on the latest developments in the industry and display assorted Indian seafood products in the overseas market to improve trade.

Noting that India has many processing units adopting state-of-the-art technology in seafood processing, Mr Swamy said this makes the country a most attractive market for machinery manufacturers, suppliers and certification bodies.

Listing the other steps that would boost exports, he said The Rajiv Gandhi Centre for Aquaculture (RGCA), the technology standardisation and transfer wing of MPEDA, is setting up the pilot project

of Broodstock Multiplication Centre (BMC) of Penaeus monodon (tiger prawn), developed from Andaman and Nicobar Islands, in Visakhapatnam with the aid of Department of Fisheries. It is also raising the GIFT Tilapia fish project and research unit at Manikonda village in Krishna district of Andhra Pradesh.

Further, the central quarantine facility, functioning in Chennai under MPEDA-RGCA, has been screening the pathogens in imported L.vannamei shrimp brood stock. Besides launching a virtual commerce platform E-SANTA connecting farmers and exporters, MPEDA has also been providing SHAPHARI Certification (applicable to an aqua farm for Good Aquaculture Practices) for residue-free shrimps.

“MPEDA has been making required interventions in the production, value addition and market promotion of seafood to achieve the export target. Such a step has also become imperative to strengthen the brand, quality and competitiveness of Indian seafood and minimise rejections of shipments, especially in the European and Japanese markets,” he said.

During 2021-22, India exported 13,69,264 tons of marine products worth US$ 7.76 billion (Rs 575.86 billion), registering an all-time high export by value, while shrimp production crossed one million MT. Frozen shrimp remained the major export item in quantity and value, accounting for a share of 53 per cent in quantity and 75 per cent of the total revenue.

The USA was the largest market, with a 43.45 per cent share in dollar terms, followed by China (15.14 per cent), Europe (14.98 per cent) and South East Asia (10.04 per cent).

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India’s seafood exports likely to reach close to US$ 8 billion in FY

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