India Aims to Double Seafood Exports in Two Years, Debunking Safety Concerns
A senior Indian government official has outlined ambitious plans to significantly boost the country’s seafood export industry. The goal is to reach Rs 1 lakh crore (approximately $12.5 billion) within the next two years. This strategy hinges on increasing processing capacity and transitioning to higher value-added seafood products. The official,
Global Seafood Alliance Responds to Media Reports of BAP Standard Violations in India’s Shrimp Industry
March 26, 2024: Letter from GSA CEO Wally Stevens on India Shrimp Situation Speaking for everyone at the Global Seafood Alliance who dedicates their passion and experience to bring about positive change in the seafood industry, the recent reports of worker abuses in India’s shrimp supply chain are upsetting. A vision
Sustainable Seafood Certifier ASC Exits China, Raising Concerns About Industry Practices
The Aquaculture Stewardship Council (ASC), a leading organization promoting responsible fish farming practices, is pulling out of China. This move comes amidst growing scrutiny of seafood certification bodies and concerns about ethical and sustainable practices in the industry, particularly in Asia. Strategic Retreat or Deeper Issues? The ASC announced their
US Imposes Potential Countervailing Duties on Shrimp Imports from Ecuador, India, and Vietnam
The US shrimp industry has received a boost as the Department of Commerce (DOC) announced preliminary countervailing duties on shrimp imports from Ecuador, India, and Vietnam. These duties are meant to offset any unfair advantage these countries might have gained from government subsidies. The Findings: The DOC determined that shrimp
US Senator Calls for Action on Potentially Unethical Shrimp Imports from India
Louisiana Senator Bill Cassidy is urging the United States Trade Representative (USTR) to investigate potential labor abuses and antibiotic use in India’s shrimp industry. The Senator’s request comes in response to a recent whistleblower report raising concerns about the safety and ethics of shrimp imported from India. Senator Cassidy expressed
Norway Cracks Open Indian Seafood Market with New Free Trade Deal
Good news for Norwegian seafood producers! A recently signed free trade agreement between Norway (through trade organization EFTA) and India opens doors to a massive new market. While India isn’t traditionally known for salmon consumption, growing affluence among some Indians creates an opportunity for Western-style food products. Barriers Lowered, Opportunities
Shrimp Sinking: What’s Causing the Industry Downturn?
The shrimp industry holds a significant position in India’s total seafood basket. In FY23, the country’s seafood exports amounted to $8 billion, with frozen shrimps commanding a whopping 70 per cent share of this total. However, the industry has weathered rough times of late. From losing its crown as the
Indian seafood exporters benefit from rupee settlement with Russia
India’s seafood exports to Russia have seen a significant boost in the last nine months, thanks to the new mechanism of trade settlement in rupees that was introduced by the Reserve Bank of India (RBI) in July 2022. According to the data from the Marine Products Export Development Authority (MPEDA),
Shrimp Boom: Indian Seafood Swims Upstream as Exports Dive
While global economic woes dampen seafood exports, India’s domestic market is experiencing a delightful catch. Premium companies are diving in, lured by the rising demand for succulent shrimp, squid, lobster, and seer fish. This shift presents a unique opportunity to transform the largely unorganized Indian seafood industry and establish the
Indian Seafood Giant Captain Fresh Prepares to Reel in Europe and America: Salmon Processor and Shrimp Importer Acquisitions on the Hook
Forget whale watching, the Indian seafood industry is preparing to make some serious waves of its own. Venture capital-backed Captain Fresh, a rising star in the sector, is casting its net across two continents, with potential acquisitions of a European salmon processing plant and a US shrimp importer simmering. Europe’s
Women Hold the Key: Empowering Them for Sustainable Seas and Thriving Fisheries
The delicate balance of marine ecology and the future of small-scale fisheries hinge on one crucial factor: women’s empowerment. This powerful message resonated from a recent virtual regional dialogue, where experts from Bangladesh, India, Thailand, and Sri Lanka shed light on the critical role women play in these sectors and
Bangladesh Sets Sail for Deep-Sea Tuna: Unlocking Riches of the Bay of Bengal
For decades, Bangladesh’s fishing nets have skimmed the surface of the Bay of Bengal, harvesting resources within its 24,000 sq. km. exclusive economic zone (EEZ). But in February 2024, a new chapter will begin, as the Department of Fisheries embarks on a trial deep-sea tuna fishing project, venturing into unexplored
Saudi Arabia and China Dive into Deeper Aquaculture Cooperation
Saudi Arabia and China are poised to strengthen their ties in the aquaculture sector, with recent discussions at the Global Investment Promotion Conference in Shenzhen, China, paving the way for increased investment and collaboration. Representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture met with over 60 specialized Chinese