Export of marine products projected to increase by 20% to $5.6 billion in FY17

The export of marine products from India is projected to increase nearly 20% to $5.6 billion in 2016-17, according to the Ministry of Commerce and Industry.  

The Marine Products Export Development Authority (MPEDA), the broad fisheries sector coordinating agency under the Ministry of Commerce, expects the industry will reverse the decline from last fiscal when total seafood exports stood at 945,892 MT worth $4.7 billion.

The US and South East Asia are the major importers of Indian seafood and frozen shrimp continued to be the major export item last year, followed by frozen fish.

Small and marginal farmers in India, who contribute to the bulk of coastal aquaculture are organising to stave off competition from countries such as Thailand and Vietnam by boosting production and adopting global standard marketing strategies such as certification, traceability and eco-labelling.

“Aquaculture is a very significant area for marine exports as far as India is concerned and our efforts are geared towards greater technology inputs and product diversification in this area,” said Dr A Jayathilak, MPEDA Chairman, “Our higher target for exports this year is in part due to increased production of globally in-demand seafood produce such as Whiteleg Shrimp and Black Tiger Shrimp, and diversification of aquaculture species particularly of Mangrove Crab and Tilapia.”

This is due to the strides in aquaculture diversification, quality control, value addition and improved production infrastructure. This will be demonstrated at the upcoming biennial India International Seafood Show (IISS) in Vishakhapatnam, which is the 20th edition and will be from September 23-25.

International and domestic exhibitors will showcase their products and services to a potential global market and explore leads and partnerships. Of the 290 stalls booked at the exhibition, more than 70 are from foreign companies.