Riding the Wave: India's Marine Export Boom

India's marine sector exports increased by 16.18% to $4.87 billion from April to October, driven by growth in non-US markets like China and Vietnam. While exports to the US declined due to tariffs, demand from Asia and Europe saw significant growth, particularly in shrimp and prawn exports.

India's marine export industry has gained significant traction, achieving a 16.18% rise to USD 4.87 billion from April to October this fiscal. Data from the commerce ministry attributes this surge to robust growth in non-US markets, predominantly China, Vietnam, Russia, Canada, and the UK.

Exports to the United States, historically India's largest shrimp buyer, fell by 7.43% to USD 85.47 million, affected by hefty tariffs of 50% imposed on Indian marine products. However, the shortfall in the US market was countered by increased shipments to China, Vietnam, Belgium, Japan, Russia, Canada, and the UK.

This export boom reflects a strategic diversification of destinations and a structural shift in global sourcing trends, with Asian and European markets favoring Indian suppliers for their consistent quality and competitive pricing. Notably, shrimp and prawn exports to China and Vietnam saw remarkable growth, rising by 24.54% and 123.63% respectively.

(With inputs from agencies.)