Seafood exports from Andhra Pradesh and other states in India are facing the possibility of missing their target for the current fiscal year due to a decrease in demand in countries such as the US.
The exporters are also concerned that the decline in exports may continue into the next fiscal year. In the first two quarters of the current fiscal year, seafood exports from the country were performing well, but the industry has faced challenges in the past couple of months.
The exports are expected to fall short of the target of $8.86 billion set for the current fiscal year.
In the previous fiscal year, Andhra Pradesh alone accounted for over 34% of India’s total seafood exports, worth over 20,035 crore. The leading importers of the country’s seafood exports include the US, China, European Union, Southeast Asia, and the Middle East, with frozen shrimp being the most exported item followed by frozen fish.
The dip in exports is attributed to decreased consumption in the US and Europe, as well as increased competition from other markets. The president of the Seafood Exporters’ Association of India has stated that there is a need to speed up the Free Trade Agreement with importers to reduce customs duties.
The downturn in the US and Europe, as well as the pandemic-induced lockdown in China, have impacted seafood exports from the country. One seafood exporter suggested value addition to the product as a means to increase its value for exports.