New Delhi: India's marine exports are likely to grow by over 28 percent year-on-year to $4.5 billion in the current fiscal on rising demand in
western markets like the U.S. and Europe.
During 2011-12, seafood exports stood at $3.5 billion, according to the data provided by the
Marine Products Export Development Authority (MPEDA).
"We expect seafood exports to touch $4.5 billion in 2012-13 due to increase in demand, mainly for Litopenaeus Vannamei shrimp and Black Tiger shrimp, in the U.S. and European markets," an MPEDA official said.
The U.S. and Europe together account for over 45 percent of the country's total seafood exports.
Litopenaeus Vannamei shrimp and Black Tiger shrimp, top the list of favourite seafood items in countries like Europe, American, Japan and China.
During April-June, the country's marine exports grew at a healthy rate of over 15 percent compared to the last fiscal.
Also, the focus is on better infrastructure facilities to encourage production of value-added items, the official said.
The MPEDA, which is under the Commerce and Industry Ministry, is the nodal agency for promotion of export of marine products from India.
