The seafood exports are facing a sharp decline in FY 2020. Export of seafood for the FY 2019-20 was at 12,89,651 tonne worth of Rs 46, 662.85 crore ($6.68 billion), which was 13,92,559 tonne worth of Rs 46,589.37 crore ($6.72 billion) in the financial year 2018-19. The coronavirus pandemic has resulted in reduced fishing days which is the main reason for this sharp decline.
The seafood export slipped 7.4 per cent in terms of volume and 0.74 per cent dollar in terms of value due to the slow or inactive demand in the last fiscal year, as per the state-run Marine Products Export Development Authority (MPEDA). There is a 0.16 per cent marginal increase in the exports registered in terms of rupee value. The sluggishness in this sector is mainly because of the decline in sea catch along the west coast and the fishing days was considerably less.
India is considered to be a major exporter in seafood and a measurable revenue is generated from this sector. Just like coronavirus has impacted all sectors in the economy, it hit the seafood export too. K S Srinivas, Chairman, MPEDA stated that the quantity of Indian seafood export is 12,89,651 tonnes despite the low demand in major export markets due to the effect created by coronavirus pandemic. The difficulties faced are cancellation of several orders, the slowdown of cargo movements, reduced and delayed payments and also struggle in getting new orders. India is the largest shrimp supplier, especially to the US, accounting to almost 40 per cent share of the imports made by the US by volumes. Another disheartening news is that no fresh orders are approaching from the other key markets.
Even though not by a fair distance, India missed a 7-billion-dollar target. Nevertheless, we can expect a rise in exports due to the ease made in lockdowns globally and there is an increase in the value-added products in retail chains. The vision of MPEDA is to take Indian seafood exports to Rs 1 lakh crore by the year 2030. The most significant item frozen shrimp which generated Rs 34,152.03 crore which is $4,889.12 million retained the position in the basket of seafood exports accounting for a share of 50.58 per cent in quantity and 73.21 per cent of the entire dollar earnings. The shrimp export increased by 6.04 per cent in dollar value and 6.20 per cent in quantity during the period.
