Sea food export of India: A lot has changed lately, when it comes to India’s exports. With an increase in exports the trade basket is also becoming vibrant. In order to reduce the trade deficit, India is taking every step needed. This also includes sea food.
Rise in sea food export of India
As per the reports, in Financial Year 2022-23, sea food export of India is likely to reach an all-time high of $ 8 billion. This figure is huge, as it comes amidst disrupted global supply chains in the post pandemic era. 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.
With the EU as the biggest exporter followed by China, India stands at seventh position as of 2020. The $ 8 billion mark will elevate India to 5th position after Chile with $ 8.1 billion.
Sea food export- Efforts of India
According to the chairman of the Marine Products Export Development Authority (MPEDA), D.V. Swamy, they have a positive outlook on reaching greater accomplishments. Their approach involves multiple strategies such as utilizing sustainable fishing methods, enhancing value through additional processing, expanding aquaculture production by diversification and actively exploring untapped markets.
To enhance exports during the financial year of 2022-23, MPEDA has arranged approximately 40 Virtual Buyer Seller Meets (VBSMs) with various countries, including Japan, China, Russia, the UK, Vietnam, Germany, Malaysia, South Korea, Oman, Singapore and Spain.
MPEDA has conducted extensive research on the seafood market in China. Additionally, MPEDA has planned to conduct similar studies for countries in the Commonwealth of Independent States (CIS), the Middle East and Southeast Asia.
D.V. Swamy mentioned additional measures to increase exports, including the establishment of a Broodstock Multiplication Centre (BMC) for Penaeus monodon, also known as tiger prawn. This project is being initiated by the Rajiv Gandhi Centre for Aquaculture (RGCA), which is responsible for technology standardisation and transfer under MPEDA.
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Immense possibility for India
India has a maritime border of almost 7,516.6 KM. It has immense possibilities of trade with the richness of sea resources. India has a long history of fishing activities. Its share has been important for the country’s economy. So, it is not any specific genre in which India needs foreign expertise. Thus, its production can further be expanded with the more increase in the exports in the near future.
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