Team Blitz India
NEW DELHI: Exports of marine products contracted by 8.74 per cent to $7.37 billion during 2023-24, due to demand slowdown, in key markets of the US and Europe, according to the commerce ministry data.
Indian exporters, however, expressed confidence that in 2024-25, marine exports, would register a healthy growth as they are getting good orders.
The shipments stood at $8 billion in 2022-23, the data showed.
According to exporters, demand slowdown, high inflation in developed economies, and increasing exports of frozen shrimp from Ecuador to America, are some of the reasons for dip in India’s exports last fiscal.
Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said, “that as the US has imposed anti-dumping duty on Ecuador, “our products would now compete and increase exports.”
He said that the order books are healthy so far.“Now frozen shrimp from India and Ecuador, will compete in the US market and we are hopeful to gain. In 2024-25, our exports will register good growth,” Gupta said.
