Buoyed by a 60 per cent rise in marine product exports at Rs 30,213.26 crore ($5.10 billion) in the financial year 2013-14, exporters body Mpeda has set a higher dollar revenue target of $6 billion for the current financial year.
Marine Products Export Development Authority (Mpeda) chairman Leena Nair said increase in production of vannamei shrimp coupled with strict quality control measures and increase in infrastructure facilities for production of value-added items would help achieve the target.
A sharp increase in the production of Vannamei shrimp helped achieve higher exports during the last financial year.
According to Nair, exports crossed all previous records in quantity, rupee and $ terms. Exports last year totaled 983,756 tonne valued at Rs 30,213.26 crore (US$5.10 billion). Compared with the exports previous year, it is 5.98 per cent higher in terms of quantity, a 60.23 per cent growth in rupee terms and dollar-wise it's up 42.60 per cent.
The unit value realisation of marine products during 2013-14 was up 34.55 per cent at a record $5.09 a kg as against $3.78/kg last year.
Major export markets
Southeast Asia continued to be the largest buyer of Indian marine products with a share of 26.38 per cent in dollar terms, followed by the US with 25.68 per cent, European Union at 20.24 per cent, Japan at 8.21 per cent, China (5.85 per cent) and West Asia (5.45 per cent).
Exports to Southeast Asia showed a positive percentage growth of 11.47, 84.67 and 62.72 in terms of quantity, rupee and dollar respectively.
Exports to the US registered a growth of 19.94 per cent in quantity and 72.06 per cent in dollar realisation, led by 34.81 per cent volume growth and 92.40 per cent dollar-wise in the export of frozen shrimp. Vannamei shrimp exports to the US saw a 59.63 per cent jump in volumes and 135.71 per cent in dollar realisation.
Frozen Shrimp accounted for 64 per cent
Frozen shrimp continued to be the major export item accounting for a share of 64.12 per cent of the total dollar earnings. Its exports during the period grew 31.85, 99.54 and 78.06 per cent in quantity, rupee and dollar value respectively. The unit value realisation of frozen shrimp at 35.05 per cent. Overall export of shrimp during 2013-14 was at 301,435 tonnes, worth $3.2 billion. USA is the largest market (95,927 tonne) for frozen shrimps exports in quantity terms, followed by European Union (73,487 tonne).