Surge in Marine Product Exports

Surge in Marine Product Exports

Subject: Economy

Section: Growth and Development

Context: India’s marine products exports reached a record high of $7.74 billion during 2021-22, achieving the 99% of the $7.809-billion target fixed by the Commerce Ministry for 2021-22.

Concept:

• The US, China and Japan are the top three favourite destinations for Indian marine exports. Exports contributed to these three countries account 63 per cent of exports in dollar terms.
• The top 10 countries were the US (past 11 years), China (past 3 years), Japan (past 3 years), Vietnam, Thailand, Spain, Canada, Italy, UAE and Belgium. Among them, the top five countries contributed 70 per cent of exports and the top 10 countries contributed 82 per cent of total marine exports in dollar value.
• The export target fixed for these top 3 countries are usually achieved at higher value than the pre-fixed one.
• According to MPEDA (Marine Products Exports Development Authority), Russia-Ukraine conflict hit seafood shipments to CIS countries in the last quarter. Otherwise, the export figure could have crossed the target fixed by the Ministry.
• Besides, the pent-up demand from various countries is also a contributing factor for India to perform well in the global market. South-East Asian nations are the main source for these countries to procure seafood. But the rising Covid cases had restricted exports and affected production. This has facilitated these countries to source seafood from India.
• Major items of Export: Frozen Shrimp emerged as a principal item of export in the seafood basket both in quantity and foreign earnings followed by Frozen Fish, Frozen Cuttle fish, others and Frozen Squid etc.

MPEDA:

• The Marine Products Export Development Authority (MPEDA) is a statutory body which was set up under Section (4) of MPEDA Act, 1972. It functions under the Department of Commerce.
• It is responsible for development of the marine products industry with special reference to exports.
• It is headed by a Chairman. It has its headquarters at Kochi and has a number of Regional and Sub- Regional Offices.

To know about steps taken by govt, refer: https://optimizeias.com/shaphari-scheme/