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India has set a seafood export target of US$12 billion by 2025

Published Apr 11, 2024

Tridge summary

During the fiscal year April 2022 - March 2023, India's seafood exports soared to US$8 billion, with frozen shrimp accounting for US$5.6 billion, primarily targeting the US market. Amidst plans to enhance focus on value-added products and high-end markets like the US and Europe, the Indian government is addressing concerns over labor and environmental standards in the seafood sector, particularly in shrimp farming. This move comes in response to international scrutiny over alleged forced labor and environmental issues. Defending the sector, government and industry officials assert compliance with international norms. The potential for increased seafood exports is further supported by a free trade agreement with the European Free Trade Association (EFTA) signed in March 2024. Efforts to engage with shrimp exporters and conduct an independent industry study are underway, alongside a summit by the Center for Responsible Seafood to tackle labor abuses in the shrimp industry.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In April 2022 - March 2023 fiscal year, India reached US$8 billion (€7.4 billion) in seafood exports, with frozen shrimp accounting for US$5.6 billion (€5.2 billion), including 2. US$6 billion (€2.4 billion) was sent to the United States. “The government intends to focus on value-added products and supply to high-end markets, while raising awareness among exporters about labor and environmental standards,” two Indian Commerce Ministry officials told Reuters on condition of anonymity ahead of general elections starting later in April. Officials said the growth strategy will be built around a focus on high-end markets, including the US and Europe. China, Southeast Asia, Japan and the Middle East are minor export destinations for shrimp, octopus and cuttlefish, officials said. The growth target was set for fiscal 2025, with officials acknowledging that global seafood demand is likely to remain weak through the end of this year. India's seafood sales are likely to be boosted by the ...
Source: Fishretail
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