Marine fisheries in India has steadily been losing out to inland aquaculture, in terms of fish production, but its relevance for exports has not diminished. Given that marine exports have not done too well in recent years, reports of marine export trade registering a record $2-billion mark in the first nine months of this year is significant.
During this period, seafood exports have seen a 6.6 per cent growth in terms of quantity and nearly 19 per cent growth in value, that too in the face of an appreciating Rupee. The marine export business seems upbeatand justifiably so and hopes to touch the $2.5 billion mark by year-end. However, this laudable performance is not yet being driven by improved supply side response. Rather, it is the sharp rise in global demand, especially in major overseas markets like the US, European Union and Japan that is pushing prices and profitability up. On the domestic front, the main trigger for this growth came from the recently introduced Vannamei shrimp aquaculture as this variety of shrimp has a high demand in the global market.
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