India’s seafood exports likely to reach all-time high of $8 bn

Country’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. During 2021-22, India exported 13,69,264 tonnes 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. D.V. Swamy, chairman, Marine Products Export Development Authority (MPEDA) said they 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. “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,” said Swamy. 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. 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. Listing the other steps that would boost exports, Swamy 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