Government pegs marine exports to grow by 20% to $6.6 billion in FY16

NEW DELHI: India's marine product export is expected to grow by around 20 per cent to $6.6 billion this fiscal, the commerce ministry today said.

India's marine product export increased by 10 per cent to $5.51 billion in 2014-15.

Marine Products Export Development Authority (MPEDA) envisages export of marine products worth $6.6 billion during the year 2015-16, the ministry said in a statement.

"Increased production of L Vannamei shrimp, diversification of aquaculture species particularly of Tilapia and Mangrove crab, quality control measures and increase in infrastructure facilities for production of value added items are expected to help in achieving this target," it added.

Exports aggregated to 10,51,243 tonnes in 2014-15. Frozen shrimp continued to be the major export item in the export basket in terms of quantity and value, accounting for a share of 34.01 per cent in quantity and 67.19 per cent of the total earnings in US dollar terms.

The overall export of shrimp during 2014-15 was to the tune of 3,57,505 tonnes worth $3.7 billion.

Fish, the second largest export item, accounted for a share of about 29.44 per cent in quantity terms and 11.24 per cent in US dollar terms.

US is the largest market for Indian seafood products with a share of 26.46 per cent followed by South East Asia (25.71 per cent), European Union (20.08 per cent), Japan (9.11 per cent), it said.