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Stung by setbacks in the US, its biggest market, India’s seafood industry is considering altering its strategy to attain the ambitious export target of $14 billion by 2025.
Increasing Indian presence in other countries, aided by free trade agreements (FTA) pursued by the government, focusing on products that are potential money spinners like black tiger shrimp and vigorously tapping the domestic market for shrimp to offset any export losses were some of the suggestions voiced at the 23rd edition of the India International Seafood Show (IISS) in Kolkata last week.
Organised by the Marine Products Export Development Authority (MPEDA) in association with the Seafood Exporters Association of India, the biennial event provided a platform for stakeholders in the seafood industry to discuss these ideas.
A severe demand crunch has led to an over 20 percent drop in seafood shipments to the US in FY 2023 until December. This assumes significance because the US accounted for 43 percent of India’s seafood exports worth $7.76 billion in FY22.
India has compensated for this loss to a certain extent by raising its exports to other countries, particularly China, other Asian countries and Europe. As a result, total seafood exports from India were up by 3 percent till December at $6.28 billion.
China, Qatar measures a bright spot
But it is still a far cry from the current year’s target of $8.48 billion. MPEDA Chairman D V Swamy exuded confidence by stating that the industry was trying to reach the target. He pointed out the lifting of the suspension of 99 Indian seafood units by China and the removal of a temporary ban on Indian seafood shipments by Qatar last week as two positive developments that will benefit the industry.
While China started virtual inspection after Coronavirus contamination in some consignments two years ago, Qatar imposed ban before the football World Cup because of alleged detection of harmful bacteria in some shipments.
China is the second largest buyer of Indian seafood with about a 15 percent share of total exports. Its buying is not confined to shrimp alone and includes other marine products as well. India hopes to raise its export by 5 -10 percent to China after the removal of the ban.
The Ecuador challenge
Even so, the Indian seafood industry knows that the US market is quite important if Indian seafood exports are to hit the 2025 target. Oversupply and high inflation have curtailed the buying power of US consumers. Besides, Ecuador which has become the largest aquaculture shrimp producer, has emerged as a serious threat to India in the US market due to its logistical advantage,
“But Ecuador is selling whole shrimps to the US. We will focus on more value-added products to overcome the challenge,’’ Swamy said.
The seafood industry is also pinning its hopes on FTAs for the aggressive push of exports. Last year, India had signed FTAs with the United Arab Emirates (UAE) and Australia which have benefitted the industry to a small extent. India is pursuing FTAs with the UK, Canada and the European Union (EU), which will bring major gains if concluded.
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