India Targets $12 Billion Seafood Exports In Next Two Years
(MENAFN- KNN India) New Delhi, Apr 4 (KNN) India is looking to significantly boost its seafood exports to around USD 12 billion over the next two years, up from the current USD 8 billion.
The key strategy is to focus on high-end markets like the United States and Europe, according to Indian government officials.
India has emerged as the largest supplier of seafood, especially frozen shrimp, to the U.S. market.
Exports of frozen shrimp to America have doubled in eight years to reach USD 2.6 billion in 2022-23.
Overall frozen shrimp exports topped USD 5.6 billion last fiscal year.
To achieve the USD 12 billion target, the government plans to promote value-added seafood products and create awareness about good labour and environmental practices among exporters. This will help cater to high-end markets demanding sustainable sourcing.
Shrimp farming has generated job opportunities for nearly 200,000 workers, mainly women in southern states like Andhra Pradesh. However, global demand could remain subdued this fiscal year.
Apart from the U.S. and Europe, other major markets for India's frozen shrimp and seafood like fish, octopus and cuttlefish include China, Southeast Asia, Japan and the Middle East.
Responding to reports of labour exploitation by some exporters, officials dismissed the allegations as baseless and driven by trade rivalries.
They assured steps to ensure exporters meet international labour standards through industry meetings and independent audits.
(KNN Bureau)
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