The Indian marine product export industry is facing significant challenges due to a sharp decline in shrimp prices and increased supply from Ecuador. These factors have contributed to a notable decrease in marine product exports, which fell to USD 7.4 billion in FY24 from over USD 8 billion in the previous fiscal year. This decline follows two consecutive years of post-Covid growth in marine product exports.

Impact on Export Figures

Data from the NIRYAT portal of the Union Ministry of Commerce and Industry reveals that the United States emerged as the largest market for India’s marine products, with exports valued at USD 2.5 billion. China followed closely behind with nearly USD 1.4 billion, while Japan accounted for USD 412 million in marine product imports from India.

Shrimp is a vital component of India’s seafood export portfolio. However, industry sources report a significant 20%-25% drop in shrimp prices over the past year. The decline in export value is primarily attributed to lower average shrimp prices compared to the previous year. Oversupply, particularly from Ecuador, played a crucial role in impacting markets such as the USA, China, EU, Japan, Vietnam, and the Middle East.

Previous Export Performance

In the fiscal year 2022-23, India shipped more than USD 8 billion worth of seafood. Frozen shrimp retained its dominant position, accounting for 67.7% of total earnings from seafood exports, amounting to USD 5.5 billion. Frozen fish followed with an export value of USD 687 million, emphasizing the significance of shrimp in India’s seafood export market.