India’s marine product exports rise over 23 per cent to $1.5 billion in fiscal first half

India exported marine products worth around $1.5 billion (Rs6,680 crore), during the first half of the current financial year (April-September 2011-12), recording a growth of 23.1 per cent in dollar terms, despite a decline in the value of the rupee.
 
Export of marine products from India during April-September 2011 stood at 312,904 tonnes worth $1496.34 million (Rs6679.57 crore), provisional figures released by the Marine Products Export Development Agency (MPEDA) showed.

Helped by rising overseas demand for shrimp, marine product exports from the country recorded a 0.12 per cent growth in quantity, while export earnings grew 23.01 per cent in dollar terms and 19.91 per cent in rupee terms, MPEDA data showed.

Export of frozen shrimp, especially that of the `Vannamei' shrimp, showed considerable increase. Frozen fish exports also showed an increase.

The growth in exports has been mainly driven by Japanese and US demand with India consolidating its position as a major supplier of frozen shrimp to Japanese market during this period.

Shrimp exports to the US market also showed an increasing trend despite its decision to continue with the antidumping duty imposed on frozen shrimp imports from India.

Though there was a shortage in supply from other major producers like Thailand and Vietnam,  buyers and customers seems to prefer Indian shrimp supply.