India’s seafood exports post record growth of 60% in FY2013-14

Shrimps, particularly the L. Vannamei variety driving phenomenal growth of India’s seafood production and exports The Dollar Business Bureau | @TheDollarBiz India’s seafood exports grew at a record 60% y-o-y in FY2013-14, reaching around Rs.30,213.26 crore (almost $5 billion), compared to Rs.18,856.26 crore earned in the previous year, according to the Agriculture Ministry. Unit value of seafood exports have improved significantly and steadily in the recent years, reaching Rs.3,07,121.48 per tonne in FY2013-14, which is more than double the unit value of Rs. 1,48,113.16 per tonne seen in FY2009-10. Unit value of seafood exports grew by almost 50% Y-o-Y in FY2013-14 alone.

Source - Ministry of Agriculture

Higher returns have also led to robust growth in production which has grown from around 6,78,436 tonnes in FY2009-10 to 9,83,756 tonnes. The government says that the record growth seen in this sector is mainly due to shrimps and particularly the L. Vannamei (white legged shrimp or Mexican white shrimp) variety, an exotic shrimp variety which is getting increasingly popular among both producers and consumers. According to NABARD, this easy-to-breed shrimp variety is in high demand in USA, as the most preferred species with higher meat yield (66-68%). The L. Vannamei shrimp variety was introduced in India in 2009 by the Department of Animal Husbandry, Dairying and Fisheries, and exports of this variety alone accounted for around Rs.20,000 crore in FY2013-14, which is almost 66% of total seafood exports in the year. The Ministry of Agriculture says that efforts are being made to boost the export potential through diversification of products for export. According to Abraham J. Tharakan, President of the Seafood Exporters Association of India (SEAI), India’s overall seafood exports are forecast to touch $6 billion (around Rs.36,000 crore) in FY2014-15. It is estimated that the export value of L. Vannamei shrimps grew around 173% in FY2013-14 from the previous year and is likely to grow between 45-90% this year.