Seafood exports declines in FY2016-17 after seven years

The Dollar Business Bureau

India’s seafood exports fell in both value and volume terms during the 2015-16 fiscal, after registering a constant growth in the last seven financial years, Marine Products Export Development Authority (MPEDA) announced on Friday.

During the financial year 2015-16, seafood exports from India contracted 10% to 945,892 tonnes as against 1,051,243 tonnes in the fiscal 2014-15. While in value terms, exports shrank by 15% to $4.7 billion (Rs.30,420.83 crore) from $5.5 billion (Rs. 33,441.61 crore) a year ago

Meanwhile, the unit value of exports, too, stood lower at $4.96 per kg from $5.46 per kg in the previous fiscal.

MPEDA chairman S Jayathilak indicated several global factors i.e. decrease in capture fishery, devaluation of the Japanese currency, depreciation of euro, revival of the aquaculture yield in Thailand and Vietnam, and weaker economic condition in China as some of the paramount reasons for the country’s decline in seafood exports.

Last year, frozen shrimp shipments continued to lead the basket of seafood exports both in terms of value and quantity, as the product accounted for 39.53% in quantity and 66.06% in value of exports.

Shrimp exports increased by 4.58% in terms of quantity to 373,866 tonnes worth $3,096.68 million during the previous fiscal.

However, unit value realisation of shrimp fell from $10.38 per kg in 2014-15 to $8.28 per kg in 2015-16.

The US once again remained the largest market for the Indian seafood exports, accounting for as much as 28.46% in value terms, followed by South East Asia (24.59%), the European Union (20.71%), Japan (8.61%), West Asian countries (5.90%), China (4.71%) and other countries (7.03%).

MPEDA estimates the 2016-17 exports of marine products to reach $5.6 billion. “I think we have seen the bottom of the market. We will be able to recoup the losses suffered last year and achieve total exports worth $5.6 billion given early trends available,” Jayathilak said.