INDIA: India claimed the top spot in shrimp exports to the global market in 2016 with an unprecedented 14.5% growth over the previous year, according to a trade report by FAO’s Globefish, which is responsible for information and analysis on international fish trade and markets. The report says that India also achieved the distinction of 130% growth in the exports of value-added shrimp, growing from 10,100 tonne in 2015 to 23,400 tonne in 2016, mostly directed to the US market.
India is the second-largest fish producer in the world after China and accounts for nearly 6% of global fish production. Seafood exports from the country hit an all-time high last fiscal with the total revenue touching $5.78 billion, or Rs 37,870.90 crore, by exporting 11,34,948 tonne seafood products, largely due to a robust demand for frozen shrimp and fish. According to Globefish, the top five shrimp exporters to the international market in 2016 were India (438,500 tonne, +14.5%), Vietnam (425,000 tonne, +18–20 %), Ecuador (372,600 tonne, +7.8%), Indonesia (220,000 tonne, +21%) and Thailand (209,400 tonne, +22%).
India’s top export markets include the US, Vietnam, the EU and Japan. Indian seafood exports to the US is seen recouping its losses suffered due to the punitive tariff imposed by US department of commerce (USDOC) in 2004 with the help of higher production of vannamei shrimp, which is cheaper than the traditional black tiger.
Source: Financial Express