Exports of marine products from the country reached record levels, exports increased by 30 percent to $ 7.76 billion during 2021-22

Exports of marine products from the country at record levels

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The US continues to be a major importer of Indian seafood in terms of value and volume with imports of $3.37 billion. Whereas China stood second with imports worth $1.17 billion.

Marine products from India (marine product) has reached an all-time high in the last financial year. Ministry of Commerce (Ministry of CommerceAccording to the information given by the company, most of the products shipped from the country have reached America, China, European Union, Southeast Asia, Japan and Middle East countries. The Commerce Ministry said in a statement on Wednesday that during the financial year 2021-22, India has exported 13,69,264 tonnes of seafood products. export ,Export) whose value in rupees stood at Rs 57,586.48 crore, which is equivalent to $ 7.76 billion. At the same time, in the financial year 2020-21, this export was $ 5.96 billion. The highest demand has been for frozen prawns. Marine Products Export Development Authority (MPEDA) chairman KN Raghavan said India managed to export an “all-time high” of $7.76 billion in the last fiscal.

About 32 percent growth in exports

The Ministry of Commerce said that during the last financial year, exports of marine products have increased by 31.71 percent in rupee terms, 30.26 percent in dollar terms and 19.12 percent in volume terms. Among marine products, frozen shrimp remained the most important in terms of quantity and value. Its exports stood at $5.82 billion in the last financial year. The share of this segment in the total dollar earnings is 75.11 percent. Frozen fish was the third largest export item and earned Rs 3471.91 crore ($ 47145 million). It stood at 16.55 percent in volume terms and 6.08 percent in dollar terms. Frozen fish exports grew by 20.44 percent in volume terms and 17.19 percent in dollar terms. Frozen squid exports stood at 75,750 metric tonnes, an increase of 23.82 per cent in volume terms and 40.24 per cent in dollar terms and earned Rs 2,806.09 crore ($38337 million). In the other products category, it earned Rs 3,979.99 crore ($ 54 million).

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America’s biggest buyer

America is the largest market for frozen shrimp. It is followed by China, European Union, South-East Asia, Japan and West Asia. According to a government statement, the US continues to be the leading importer of Indian seafood in terms of value and volume with imports of $3.37 billion. In terms of US dollar value, it accounts for 37.56 percent stake. China has emerged as India’s second largest seafood export destination in terms of volume with imports of 2,66,989 tonnes worth $1.17 billion.