KOCHI: The exports of marine products from the country has dropped by nearly 10 per cent to Rs 30,420.83 crore in the financial year 2015-16 as against 33,441.61 crore in the previous year. Increase in supply from Thailand and Vietnam following revival of aquaculture in those countries, economic slowdown in China, depreciation of Euro and weakening of Yen caused the decline, A. Jayathilak, chairman Marine Products Export and Development Agency (MPEDA) told reporters on Friday.
In the current financial year MPEDA hopes to generate an export turnover of $5.6 billion, he said. The increase in the projection of export income is mainly based on the rise in the production of Vannamei shrimp, black tiger shrimp and diversification of aquaculture species, particularly mangrove crab and tilapia.
The total quantity of the exports fell to 9,45,892 ton from 10,51,243 ton during 2015-16, according to MPEDA officials. The increase in supply from Thailand and Vietnam has also led to fall in the price of frozen shrimp in the international market. Frozen shrimp accounted for 66 per cent of the value earned by India from marine products export.
The average unit value of frozen shrimp fell $4.96 per kg in 2015-16 from $5.24 per kg in the previous year. Apart from the global situation, the fall in domestic supply also contributed to the decline in quantity and value of exports. The shrimp caught from the seas has shown a decline of 10.5 per cent to 3,48,296 ton in 2015 from 3,89,007 ton in 2014.
According to MPEDA officials the US is the largest buyer of Indian marine products accounting for 28.46 per cent in export earnings. The South East Asian region is the second largest destination contributing 24.59 per cent of the total export value. European Union and Japan are the third and fourth in terms of export earnings.
