Government sets ambitious target of $4 billion for 2011-12

Buoyed by seafood exports crossing $2.8-billion mark in 2010-11, the Central Government on Friday set an ambitious target of $4 billion for this fiscal.

In an official statement here, the Commerce Ministry, citing figures from Marine Products Export Development Authority (MPEDA), said seafood exports grew 33.95 per cent in dollar terms in 2010-11. During the fiscal, seafood exports aggregated 8.13 lakh tonnes, a growth of 19.85 per cent in quantity over the previous fiscal. “MPEDA envisages an ambitious target of $4 billion marine products exports for the year 2011-12,” it added.

The growth was despite continuing recession in the international markets, debt crisis in EU economies, continuing anti- dumping duty in the U.S., sluggish growth in the U.S. economy and political instability in the Arab world, it said.

The EU continued to be the largest market with a share of 26.78 per cent in dollar terms, it said.

Southeast Asia was second accounting for 16.43 per cent, followed by China 15.41 per cent, and the U.S. 15.35 per cent. Japan and the Middle East were the other significant markets.

Frozen shrimp was the major export value item accounting for 44.17 per cent of the total earnings, followed by shrimp.

Exports of marine products have strengthened India's presence in Southeast Asia and the Middle East where the increase in quantity has been 57 per cent and 26 per cent respectively. There is a significant increase in exports to African countries in comparison to the previous year, it said.

Keywords: marine products

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