Seafood exports witness 7.4% decline in volume terms in FY20
Seafood exports during the last fiscal slipped 7.4% in volume terms and 0.74 % in dollar value terms due to sluggish demand, according to state-run Marine Products Export Development Authority (MPEDA). In rupee value terms, exports registered a marginal increase of 0.16 %.
Export of seafood for 2019-20 stood at 12,89,651 tonne worth Rs 46,662.85 crore ($6.68 billion), against 13, 92,559 tonne worth Rs 46,589.37 crore ($6.72 billion) in 2018-19.
KS Srinivas, chairman, MPEDA, said India managed to export 12,89,651 tonne of seafood despite the sluggish demand in its major export markets caused by the pandemic, which led to cancellation of several orders, reduced and delayed payments, slowdown of cargo movements and difficulty in getting new orders. The decline in sea catch along the west coast due to reduced fishing days was also a reason for the shortfall in quantity, he added.
“We missed the 7-billion-dollar target, though not by a fair distance. However, exports are now likely to witness an uptick as lockdowns have been eased globally and there is an increased sale of value-added products in retail chains. MPEDA’s vision is to take Indian seafood exports to Rs 1 lakh crore by 2030,” he noted.
Frozen shrimp, which earned Rs 34,152.03 crore ($4,889.12 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 50.58 % in quantity and 73.21 % of the total dollar earnings. Shrimp exports during the period increased by 6.04 % in dollar value and 6.20 % in quantity.
Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Dont forget to try our free Income Tax Calculator tool.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.