India sets USD 12 billion seafood export target for 2025

Published 2024년 4월 8일

Tridge summary

India is setting its sights on expanding its seafood exports by USD 4 billion to achieve an annual export value of USD 12 billion by 2025, with a strategic focus on frozen shrimp, which constituted the bulk of its USD 8 billion seafood exports in the previous fiscal year. The government's strategy includes targeting premium markets in the United States and Europe, while also tackling the shrimp industry's labor and environmental concerns, which have been criticized internationally but are considered unfounded by government and industry officials. The recent trade agreement with the European Free Trade Association, which removes tariffs on most traded goods including seafood, is anticipated to further propel India's seafood sales in the global market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

India is looking to grow its seafood exports by USD 4 billion (EUR 3.7 billion), setting a goal of USD 12 billion (EUR 11.1 billion) in annual export value by 2025.In its April 2022-March 2023 fiscal year, India achieved USD 8 billion (EUR 7.4 billion) in seafood exports, with frozen shrimp accounting for USD 5.6 billion (EUR 5.2 billion), including USD 2.6 billion (EUR 2.4 billion) shipped to the United States."The government intends to focus on value addition and supply to high-end markets while creating awareness about good labor and environment practices among exporters," two Indian Commerce Ministry officials told Reuters on condition of anonymity, ahead of a general election beginning later in April.The officials said the growth strategy will be built around a focus on high-end markets including the United States and Europe. China, Southeast Asia, Japan, and the Middle East countries are secondary targets for exports of shrimp, octopus, and cuttlefish, according to the ...

Source: Seafoodsource