India’s seafood exports may drop to 9.25 LT in FY16

There is a drop in exports of seafood in quantity terms at 9.25 lakh tonnes (LT) against 10.5 LT achieved in the previous financial year, as per provisional figures available with Marine Products Exports Development Authority (MPEDA). The agency would soon come out with the final statistics in marine products exports after compiling the figures received from other centres.

The sector ended up with only $4.5 billion worth marine exports in dollar terms against the $5.5 billion registered in FY15. In rupee terms, it registered only Rs 29,000 crore against the previous fiscal’s Rs 33,000 crore.

The exports of seafood seem to have missed the $6 billion target in FY16 mainly because of global volatilities, anomalies in aquaculture production and depletion of ocean catches.