India’s Seafood Export Target for FY24: Unlikely to Be Met

India’s seafood export target for FY24 is unlikely to be met due to several factors, including tepid buying from key markets such as the US, China, Japan, and Europe. Additionally, there is weak demand for peeled frozen products in the US retail market. Exporters do not see any substantial improvement in the US market until early 2024.

These factors are likely to lead to a shortfall of around 5% in seafood exports in FY24. The Seafood Exporters Association of India (SEAI) has urged the government to take steps to boost exports, such as by providing financial assistance to exporters and addressing logistical challenges.

The Indian government has set a target of $12 billion for seafood exports in FY24. However, the industry is facing several headwinds that are likely to make it difficult to achieve this target.

Tepid Buying from Key Markets

One of the main reasons for the slowdown in seafood exports is tepid buying from key markets such as the US, China, Japan, and Europe. These markets are facing their own economic challenges, which is leading to reduced demand for seafood.

Weak Demand for Peeled Frozen Products

There is also weak demand for peeled frozen products in the US retail market. This is due to a number of factors, including increased competition from other proteins and a shift towards fresh seafood.

No Substantial Improvement in US Market Until Early 2024

Exporters do not see any substantial improvement in the US market until early 2024. This is due to the ongoing economic challenges in the US and the fact that the US retail market is still recovering from the COVID-19 pandemic.

Impact on Seafood Exports

These factors are likely to lead to a shortfall of around 5% in seafood exports in FY24. This would be a significant setback for the Indian seafood industry, which has been growing in recent years.

SEAI’s Recommendations

The Seafood Exporters Association of India (SEAI) has urged the government to take steps to boost exports, such as by providing financial assistance to exporters and addressing logistical challenges. The SEAI has also called for a review of the current export policy to make it more export-oriented.

Conclusion

The Indian seafood industry is facing a number of challenges that are likely to make it difficult to achieve the government’s export target for FY24. The government needs to take steps to address these challenges in order to support the industry and help it achieve its full potential.