India's marine products export rises to $2.8 bn in FY11

Exports of marine products crossed the $2.85 billion mark in 2010-11 on the back of sharp increase in the demand for frozen shrimp in European and South East Asian markets.

Shipments carried 8,13,091 tonnes of marine products to foreign destinations. The increase in production of Vannamei or the exotic South American species of shrimp in southern India and Black tiger shrimp, along with better price realisation of major items like Cuttlefish, Shrimp and Squid resulted in high export turnover in FY11, said a Ministry of Commerce and Industry statement.

According to Marine Products Export Development Authority (MPEDA) data, the main revenue earner within the basket of marine exports was frozen shrimp, which accounted for 44.17 per cent of the total revenue earned. Fish retained its position as the principal export item in quantity terms and the second largest export item in value terms accounting for a share of about 38.42 per cent in quantity and 20.42 per cent in dollar earnings.

 

Top destinations for the items were EU accounting for 26.78 per cent in revenue realisation, followed by South East Asia, China, US, Japan and West Asia. Exports to the US grew by a whopping 50 per cent. Growing demand was also noticed in the African markets in the period under consideration, compared to previous years. According to MPEDA, export of marine products could reach $4 billion this financial year.

“Increased production of Vannamei shrimp, increase in infrastructure facilities for production of Value added items and the regaining pace of Japanese market after tsunami are the helping factor to achieve this target,” MPEDA said in the statement.