Seafood Exports Rose To Record $2.67 b in FY10-11.

The seafood exports from India have surged to a new high in recent times and the key reason for this is the high demand from the US during FY10-11.

According to a press release from MPEDA (Marine Products Exports Development Authority), export of marine products during April-March 2010-11 reached US$2.67 billion, registering a growth of 10.96 per cent as against the last fiscal. This was the first time in the history of marine products industry that such a growth has been recorded and the average value unit realisation had gone up by 13 per cent.

"In spite of rupee appreciation, global recession and Europe crisis it has noted that there has been a steady rise in the export of frozen shrimp and frozen squid during the period," an official from MPEDA, told FnB News.

He informed that while the European Union continued to garner the largest market share of 26 per cent, USA regained the second position with a share of 16 per cent, followed by southeast Asia with 16 per cent, China with 15 per cent and Japan with 14 per cent. Other Middle-East countries notched up a 5 per cent share.

"Increase in frozen shrimp and frozen squid has been an impetus for USA to register a remarkable growth of 47 per cent with Japan to 11 per cent this year," said an official.

The official added that the US decided to import seafood only after the recent panic which set in due to oil spill problems in the Gulf of Mexico. Other seafood that are largely exported by India include cuttlefish and frozen fish, with shrimp being the major export item.

Source : fnbnews.com