India’s Seafood Exports Surge 2.67 Percent; Frozen Shrimp Leads

The Ministry of Finance reported that India’s seafood exports have surpassed Rs 60,000 crore so far in the financial year 2024-25 (FY25). This achievement comes ahead of the Union Budget 2025, scheduled for February 1. It highlights the government’s efforts to boost the sector’s global competitiveness through various measures, including customs duty cuts.

Frozen shrimp remained the primary growth driver, accounting for nearly two-thirds of the total exports. In FY24, India shipped 1.78 million metric tonnes of seafood, valued at Rs 60,523.89 crore. Despite challenges in key export markets, this represented a 2.67% increase in volume compared to the previous year.

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To further enhance seafood exports, the government has proposed reducing the Basic Customs Duty (BCD) on key shrimp and fish feed production inputs to 5%. This includes reductions for broodstock, polychaete worms, and several feed components. Additional exemptions will apply to inputs used in shrimp and fish feed manufacturing.

The Central Board of Indirect Taxes and Customs (CBIC) has also implemented tax reforms aimed at supporting the aquaculture industry. These reforms include a 5% BCD reduction on essential feed ingredients, such as mineral and vitamin premixes. Additionally, tax cuts have been introduced for aquatic feed components like krill meal, fish lipid oil, and algal oil. The BCD for feed manufacturing has also been reduced to 5%.

The United States remained India’s top seafood importer in FY24, accounting for 34.53% of export value, or USD 2.55 billion. Frozen shrimp made up 91.9% of exports to the US. China ranked as the second-largest market, importing 451,000 metric tonnes worth USD 1.38 billion. Japan, Vietnam, Thailand, Canada, Spain, Belgium, the UAE, and Italy followed as key importers.