India's exports of seafood increased 15% to $1.99 billion in the June quarter: Official

According to a senior official on Friday, India's seafood exports increased 15% year over year to USD 1.99 billion in the first quarter of 2022 that ended in June.

According to K N Raghavan, chairman of the Marine Products Export Development Authority (MPEDA), the overall exports in 2021–22 increased by 30% to $7.76 billion.

He was in Kolkata to take part in a roadshow for the India International Seafood Show 2023, which will be hosted there on February 15–17, 2023, after a 16-year hiatus. According to the official, with the impending lifting of some restrictions put in place by the European Union, seafood shipments to Europe are anticipated to rise in the years to come.

About 15% of the overall exports in this sector come from Europe. "An EU audit is scheduled very soon, and after that, it is anticipated that the ban on registering new units would be lifted," Raghavan said.

India is subject to an embargo because of antibiotic residual levels found in shrimp export cargoes, which limits the country's ability to export marine products to the European market. According to Jagdeesh Fofandi, president of the Seafood Exporters Association of India, who was also present at the event, the Indian government has been taking many steps to address the issue through direct engagement and conversations.

By 2025, he claimed, the government wants to double marine exports. According to government statistics, frozen shrimp continued to be India's top export in terms of both quantity and value in 2021–22, contributing 53% of both quantity and 75% of total revenue.

With a 43% market share, the US leads China, Europe, and Japan, which each own 15% of the market (9 per cent).