Frozen shrimp retains the top position as the major export seafood item

NEW DELHI, 14 June 2023: India achieved an all-time high exports of seafood both in terms of volume and value (both US$ and Rupee) by shipping 17,35,286 MT of seafood worth INR 63,969.14 crore (US$ 8.09 billion) during FY 2022-23 despite the several challenges in its major export markets like USA.

During the FY 2022-23, the export improved in quantity terms by 26.73 percent, in rupee terms by 11.08 percent, in US$ terms by 4.31 percent. In 2021-22, India had exported 13,69,264 MT of seafood worth INR 57,586.48 crore (US$ 7,759.58 million).

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 INR 43,135.58 crore (US$ 5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 percent in quantity and 67.72 percent  of the total US$ earnings. Shrimp exports during the period increased by 1.01 percent in Rupee value.

The overall export of frozen shrimps during 2022-23 was pegged at 7,11,099 MT. USA, the largest market, imported (2,75,662 MT) of frozen shrimp, followed by China (1,45,743 MT), European Union (95,377 MT), South East Asia (65,466 MT), Japan (40,975 MT), and the Middle East (31,647 MT).

The export of black tiger (BT) shrimp increased by 74.06 percent, 68.64 percent and 55.41 percent in quantity, Rupee value and US$ terms respectively in 2022-23. BT shrimp exported to the tune of 31,213 MT worth Rs 2,564.71 Cr (US$ 321.23 million). 

Japan turned out to be the major market for Black Tiger shrimp with a share of 25.38 percent in terms of US$ value, followed by the European Union (25.12 percent) and USA (14.90 percent).  The Vannamei shrimp exports declined in 2022-23 compared to 2021-22 by 8.11 percent from US$ 5234.36 million to US$ 4809.99 million.

 Frozen Fish, the second largest exported item, fetched INR 5,503.18 Cr. (US$ 687.05 million) accounting for 21.24 percent in quantity and 8.49 percent in US$ earnings. This year the export of Frozen fish has increased by 62.65 percent, 58.51 percent and 45.73 percent in Quantity, Rupee and US$ value terms respectively.

Under Other items, the third largest export basket worth US$ 658.84 million, Surimi fetched INR 2,013.66 crore (US$ 253.89 million), frozen Octopus fetched INR 725.71 crore (US$ 91.74 million), Surimi Analogue products fetched INR 558.51 crore (US$ 70.35 million), canned products fetched INR 326.48 crore (US$ 41.56 million), frozen lobster fetched INR 215.15 crore (US$ 27 million), along with other products.

Frozen Squid, the fourth largest export item, fetched INR 3593.75 crore (US$ 454.61 million), accounting for 4.83 per cent share in quantity and 5.62 per cent in US$ earnings. The export of frozen fish increased by 28.07 percent in Rupee value and 18.58 percent in US$ value.

 Export of Dried Items, pegged at 2,52,918 MT, showed a tremendous growth of 243.27 percent in quantity and 167.70 percent in US$ terms, and earned INR 3,080.92 crore (384.05 US$ millions). Under this basket, Dried fish and shrimp meal together contributed US$ 307.96 million and dried fish maws fetched US$ 24.88 million.

Export of frozen Cuttlefish, pegged at 54,919 MT, showed a growth of 14.09 percent in rupee value and 5.50 percent in US$ value, and earned INR 2353.34 crore (295.49 US$ millions).

Export of chilled items, which is considered as a promising sector, also increased by 20.73 percent in US$ terms and 12.63 percent in Quantity terms. Export of live Items, pegged at 7,824 MT, showed a growth of 24.53 percent in Rupee, 15.61 percent in US$ value. Growth is observed in the unit values of frozen squid (7.13 percent), frozen cuttlefish (13.33 percent), chilled items (7.19 percent) and live items (3.90 percent).

 As for overseas markets, USA continued to be the major importer of Indian seafood in value terms with an import worth US$ 2,632.08 million, accounting for a share of 32.52 percent  in terms of US$ value.

Exports to the US declined by 21.94 percent in US$ terms due to sluggish demand. Frozen shrimp continued to be the principal item exported to the US with a share of 92.70 percent in US$ terms.  Exports of black tiger shrimp to the US increased by 4.06 percent in quantity terms and 0.26 percent in Rupee terms.

China emerged as the second largest seafood export destination from India in terms of Quantity and US$ both with an import of 4,05,547 MT worth US$ 1,508.43 million, accounting for 23.37 percent share in quantity and 18.64 percent in US$ terms. Exports to China market grew by 51.90 percent in quantity, 32.02 percent in Rupee value and 28.37 percent US$ value.

Frozen shrimp, the major item of exports to China, had a share of 35.94 percent in quantity and 60.92 percent in US$ value while the frozen fish had a second most share of 34.88 percent in quantity and 18.56 percent in terms of US$ value out of the total exports to China. Frozen shrimp and frozen fish to China has shown positive growth by quantity and value both.

The European Union continued to be the third largest destination with an import of 2,07,976 MT worth US$ 1,263.71 million. In this market, frozen shrimp is the major item of exports, registering an increase of 15.12 percent and 7.20 percent in Rupee and US$ value, respectively. Unit value in this market shown a growth of 3.77 percent

South East Asia is the fourth largest market with an import of 4,31,774 MT worth US$ 1191.25 million. Frozen shrimp is the major item of exports, with 15.16 percent share by quantity and 35.17 percent by US$ value with growth of 46.08 percent. Frozen fish, the second major item of exports, with 36.02 percent share by quantity and 20.57 percent by US$ value with growth of 46.84 percent.

Japan continued to be the fifth largest importer with a share of 6.29 percent in quantity and 5.99 percent in US$ value terms with a growth of 9.99 percent. Frozen shrimp continued to be the major item of exports to Japan with percentage share of 71.35 percent and growth of 5.26 percent in US$ value.

Exports to the Middle East by Quantity were 77,677 MT worth US$ 330.68 million. This market showed a growth of 32.95 percent in quantity, 17.33 percent in Rupee and 9.09 percent in US$ terms.