India’s seafood industry has secured in an impressive milestone. The UAE has become the ninth largest seafood export destination for India, marking a significant leap. Let’s dive into the numbers and see what’s behind this seafood success story.
India’s Seafood Exports Soar
India shipped a record-breaking 1.78 million metric tonnes of seafood during the 2023-2024 fiscal year. This haul netted a whopping US$7.38 billion, showcasing the robust health of India’s marine exports. The fiscal year, starting on 1st April and ending on 31st March, has become a period of immense growth for Indian seafood.
Frozen shrimp emerged as the star player in this maritime saga. The Middle East, including the UAE, gobbled up 28,571 metric tonnes of this crustacean delight. D V Swamy, Chairman of India’s Marine Products Export Development Authority (MPEDA), highlighted the significance of this achievement. The UAE’s rising appetite for Indian seafood is a clear testament to the quality and appeal of these exports.
Top Markets And Trade Triumphs
India’s top ten seafood markets together contributed 79.89% of the total exports in US dollar terms. This shows a strong and focused demand from these key destinations. The Netherlands made waves by rising to the third position, overtaking China, thanks to its bustling trade in refined petroleum products.
The MPEDA, established by an act of India’s Parliament in 1972, plays a crucial role in promoting Indian marine products. This statutory body’s efforts have clearly paid off, with seafood exports reaching new heights. The figures released shortly after the fiscal year-end underline the broader trend of rising Indian exports. Overall, India’s merchandise and services exports grew by 6% during the last financial year.
The UAE’s Growing Trade Ties with India
The UAE’s prominence as a key trade partner for India isn’t limited to seafood. In March 2023, the UAE ranked second after the US among India’s export destinations. On the import front, the UAE secured the third spot, trailing only China and Russia. Within the GCC states, Saudi Arabia also featured prominently, ranking eighth for Indian exports and fifth as an import source.
This growing trade relationship with the UAE underscores the dynamic and evolving nature of India’s export landscape. The Middle East’s increasing consumption of Indian seafood, especially shrimp, highlights a lucrative market that continues to flourish.
Also Read: 8 Restaurants To Relish The Best Sushi Rolls In The UAE
Conclusion
India’s seafood exports have hit an all-time high, with the UAE emerging as a significant player in this success. With the MPEDA steering the ship, India’s marine exports have found a strong foothold in the global market. As the world savours Indian seafood, the future looks bright for this thriving industry. So, the next time you enjoy a shrimp cocktail, there’s a good chance it made quite the journey from India’s shores to your plate.
Cover Image Courtesy: Canva Stock Images
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