India's seafood exports hit a new high in FY13.

KOCHI: Weathering choppy market conditions and currency fluctuations, India's seafood exports have touched an all-time high of Rs 18,856 crore for 2012-13. This is a 13.6% rise in value terms over the previous year.

However, in dollar terms, the total value of $3,512 million registers only a marginal growth of 0.1%. "The poor growth in dollar terms is due to a sharp decline in the unit value of marine products. Exports did not fetch high prices, the way they did in the previous year," said Leena Nair, chairman of the Marine Products Export Development Authority (MPEDA).

Total quantity of exports showed a rise of 7.68% to 9,28,215 tonne for the year. Nair said the increase in exports should be viewed in the light of weaker economic conditions in Europe, continuing anti-dumping duty and the the possibility of a countervailing duty on frozen shrimp in sluggish US markets, a moderate growth in China, technical barriers to trade with Japan, and the fluctuating rupee. Supply conditions in other countries also recovered last year.

Frozen shrimp was the top performer, accounting for over 51% in the total seafood export value. Though its value showed almost 19% increase, frozen shrimp recorded the steepest fall in unit value realisation at 14%.

Of the 2,28,620 tonne exported, 70% was of the cultured variety. Around 41% of it was the vannamei shrimp, which has been fetching an increased revenue in the last few years. In terms of quantity, frozen fish had the largest share of 37% at 3,43,876 tonne.

With most economies still struggling, Southeast Asia continued to be the largest buyer of Indian seafood with a share of 23% in value, followed by the European Union at 22% and the US at 21%. There was a marginal decrease in quantity and 8% fall in value in total marine products exports to the Southeast Asia. Shrimp showed a 25% increase in export quantity to the region and a higher growth of 49% in volume, and a 21% jump in value to the US.

MPEDA has set a target of $4.3 billion exports for the current year. Though its achievement will depend on many global factors, the fall in rupee and the onset of a disease in shrimp farms in Thailand are expected to augur well for Indian seafood exporters.

Source : economictimes.indiatimes.com