India reports double-digit growth in seafood exports
Between April 2017 and January 2018, India's seafood exports registered a year-to-year growth of 13.7% in volume and 10.1% in value, announced Marine Products Exports Development Authority (Mpeda). The results were sustained by an increase in frozen shrimp exports, reports Financial Express.
The situation is surprising considering the fact that the global shrimp market is facing a price drop on this segment due to high inventories reported in the US and an increase in production in China, Vietnam, India, Thailand and Indonesia.
"India’s exports of seafood remained on the upward curve despite a fall in global shrimp prices triggered by oversupply from the major shrimp-producing countries and more stringent test regimes imposed by the EU to detect antibiotic residues in frozen shrimp consignments. Also, we had to face competition from countries like Ecuador and Argentina", explained Mpeda chairman A. Jayathilak.
In the mentioned period, India's seafood exports have reached $5.64 billion, compared to $4.98 billion registered in the same period of the last fiscal year.
Frozen shrimp continued as the top export item of marine products basket, with a share of 42.05% in volume and 69.95% of the total earnings in USD.
US, South East Asia and Europe are the main destinations for the seafood exported by India.
The success was guaranteed by a number of measures adopted by the New Delhi authorities along with the companies. "We have initiated steps for export-oriented organic shrimp production, and launched new strategies to boost aquaculture and improve vigilance to stop faulty consignments", mentioned A. Jayathilak.
Frozen fish and dried seafood have also registered a growth in terms of volume and value while frozen squid declined by 12.83% and 14.98% in terms of volume and value expressed in USD.
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