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Sea food exports grow by 23% to $5.78 billion in 2016-17

Sea food exports grow by 23% to $5.78 billion in 2016-17
India's sea food exports rose by over 23 per cent to $5.78 billion in 2016-17 on account of increasing demand of frozen shrimp and fish in global markets. The commerce ministry said that in volume terms, the exports increased to 11,34,948 tonnes in the last fiscal as compared to 9,45,892 tonnes in 2015-16.

"Riding on a robust demand for its frozen shrimp and frozen fish in international markets, India exported 11,34,948 tonnes of seafood worth an all time high of USD 5.78 billion (Rs 37, 870.90 crore) in 2016-17," the ministry said in a statement.

It said the US and South East Asia continue to be the major importers, while the demand from the European Union (EU) grew substantially during the last fiscal.

"Frozen shrimp maintained its position as the top item of export, accounting for 38.28 per cent in quantity and 64.50 per cent of the total earnings in dollar terms," the ministry added. Shrimp exports increased by 16.21 per cent in volume terms and 20.33 per cent in dollar terms.

"Frozen Fish was the second largest export item, accounting for a share of 26.15 per cent in quantity and 11.64 per cent in dollar earnings, registering a growth of 26.92 per cent in terms of value," it said. The US accounts for 29.98 per cent of India's total sea food exports.

"Diversification of aquaculture species, sustained measures to ensure quality, and increase in infrastructure facilities for production of value added products were largely responsible for India's positive growth in exports of seafood," the ministry said quoting Commerce and Industry Minister Nirmala Sitharaman.

Besides, frozen shrimp and fish, India's other major seafood product was frozen squid.

Agencies

Agencies

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