India’s Marine Exports Cross $2 Billion Mark.

For the first time, India’s marine exports have crossed the $2-billion mark during the first nine months of this fiscal. Marine exports touched $2,028 billion during April-December 2010 period, registering a growth of 6.60%in quantity, 18.92% in value and 24.70% in dollar realisations, according to a report in Business Line.

What is noteworthy is the fact that the feat could be achieved in spite of recession in global markets, a strengthening Indian rupee against major currencies and economic tremors in Greece, Spain and Portugal which triggered all-round depreciation of the euro against the dollar, according to the Marine Products Export Development Authority (MPEDA).

There was considerable increase in export of frozen shrimp and squid during the period. The trigger for this growth came from increased export of Vannamei shrimp, whose introduction and cultivation in India’s coastline was a recent phenomenon, as well as an increased landing of squid from Indian waters.

The EU continued to be the largest export market for Indian marine products, accounting for over 26% of the value realisations. This was despite a fall of close to 5% in quantity. The US was the second largest export destination accounting for 17% of the total exports, followed by Japan with 15.12%. Exports to South-East Asia and China are catching up accounting for 15.07% and 14%, respectively.

Fish, the principal export item in quantity terms and the second largest item in value term, accounted for 36.01% of the total exports. Dried fish items showed a growth of 50.27% in quantity but declined 14.99% in rupee value compared to the same period last year.

Source : fnbnews.com