BackIndia exports record $5.5 billion-worth sea food in FY15
The MPEDA figures show that the USA is the largest market for Indian seafood products
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Kochi: India exported a record 1 million tonnes of sea food fetching a foreign exchange of $5.5 billion in the last fiscal, the Marine Products Export Development Authority (MPEDA) said today. “We have crossed the 1 million metric tonnes mark in terms of quantity of sea food exports. During the financial year 2014-15, exports of marine products reached an all-time high of $5,511.12 million," MPEDA chairman Leena Nair said.
She added that sea food exports crossed all previous records in quantity, rupee value and US dollar terms. “Exports aggregated to 10,51,243 mt valued at Rs.33441.61 crores. Compared to the previous year, seafood exports recorded a growth of 6.86% in quantity, 10.69% in rupee and 10.05% growth in US dollar earnings," Nair said.
She said MPEDA envisages export of marine products worth $6.6 billion during the year 2015-16. “Increased production of L Vannamei shrimp,diversification of aquaculture species, particularly of Tilapia and Mangrove crab, quality control measures and increase in infrastructure facilities for production of value added items are expected to help in achieving this target," she said.
MPEDA said the growth in the last fiscal may be viewed under the prevailing international market situations. The depreciation of the euro, weaker economic condition in China, devaluation of Yen, depreciation of Indian rupee, improvement in supply conditions in South East Asian countries in comparison to previous year has resulted in continuous drop in prices of shrimp, a principle commodity of Indian seafood export basket, it said.
The figures released by MPEDA showed that USA is the largest market for Indian seafood products with a share of 26.46% in terms of US dollar, followed by South East Asia at 25.71%. The European Union accounts for 20.08% and Japan 9.11%. Export to China has decreased drastically due to “the weaker economic condition in China".
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