The Indian government has set a target to increase the export of its fisheries products to $12 billion over the next two years.
This target has been set following a decline in the export of fisheries products in the past year. To increase fisheries exports, the Indian government has now begun efforts to expand fish processing capacity and boost "value-added" products.
According to fisheries export statistics released by India's Marine Products Export Development Authority (MPEDA), $8.09 billion worth of products were exported in the 2022-2023 financial year. In the 2023-2024 financial year, $6.8 billion worth of fisheries products were exported. Therefore, this represents a 7.5% decrease when comparing the two years.
India targeted to export $9.1 billion worth of fish products for the 2023-2024 financial year. This target was not reached due to a decline in the volume exported to the United States and European Union countries.
Looking at the global fisheries market, India is the 3rd largest producer of fisheries products. That accounts for 8% of the global market. In terms of aquaculture products, India ranks second.
India exports the largest quantity of shrimp to the global market. In the last financial year alone, India exported $5.41 billion worth of shrimp. This accounts for 67% of its fisheries exports.
India exports the majority of its fisheries products to the United States, China, the EU, and East Asian countries. The largest volume is exported to the United States. In the last financial year alone, $2.33 billion worth of fisheries products were exported to the United States.
