Marine exports fetch $5.5 bn forex earnings for India in 2014-15

During the financial year 2014-15, exports of marine products reached an all-time high of $ 5511.12 million. Marine product exports crossed all previous records in quality, rupee value and $ terms

The Dollar Business Bureau

Marine products exports from India recorded an all-time high registering a growth of 10.05% in the last fiscal. Touching a one million tonne mark, marine exports fetched foreign exchange of $5.5 billion to the country during the period. Addressing a press conference on Thursday, Leena Nair, chairman, Marine Products Export Development Authority (MPEDA), said, “During the financial year 2014-15, exports of marine products reached an all-time high of $ 5511.12 million. Marine product exports crossed all previous records in quality, rupee value and $ terms.” By accounting to total quantity of 10, 51,243 MT valued at Rs 3,34,41.61 crore and $5511.12 million, sea food exports grew 6.86 % in quantity, 10.69 % in rupee and 10.05 % growth in $ earnings, over the previous year, she added. The record earnings were witnessed as a result of increase in quantity of exports and it is notable that this happened despite conditions like depreciation of Euro, weaker economic conditions in China and depreciation of Indian Rupee. Frozen Shrimp continued to be the major export item in the basket with a share of 34.01%, 67.19 % in terms of quantity and value respectively during the period, witnessing a rise by 18.60%, 16% and 15.54 % in quantity, rupee value and $ value respectively, she noted. However, the unit value realisation decreased to 10.38 $/KG from 10.65 in 2013-2014, a negative growth of 2.59 per cent, she added. On the whole, MPEDA expressed hope that a similar trend would continue in the future too and fish products would account for more share. According to the figures released by MPEDA, USA stood as the largest market for Indian seafood products with a share of 26.46 % in terms of $, followed by South East Asia (25.71 %), European Union (20.08 %) and Japan (9.11 %).     

July 2, 2015 | 8:12 pm IST.

The Dollar Business Bureau - Jul 02, 2015 12:00 IST
 
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