India’s seafood exports, both in terms of volume and value, achieved an all-time high in 2022-23. It shipped 1.7 million tonnes of seafood worth Rs 63,969.14 crore (USD 8.09 billion) during the financial year, growing 26.73 per cent in quantity terms and 4.31 per cent in value terms over 2021-22.
According to a press statement from the Ministry of Commerce & Industry, Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India’s seafood.
Frozen shrimp, which earned Rs 43,135.58 crore (USD 5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 per cent in quantity and 67.72 per cent of the total dollar earnings. In rupee terms, shrimp exports during the period increased by 1.01 per cent.
Frozen fish, the second largest exported item, fetched Rs 5,503.18 crore (USD 687.05 million) accounting for 21.24 per cent in quantity and 8.49 per cent in dollar earnings. This year the export of frozen fish has increased by 62.65 per cent, 58.51 per cent, and 45.73 per cent in quantity, rupee and dollar value terms respectively.
The US, China, and the European Union are key markets for Indian seafood. South East Asia is the fourth largest market.