India’s shrimp export sector continues to defy expectations, registering a 6% increase in Q3 2023 compared to the same period in 2022. Strong demand from key markets, coupled with enhanced quality and sustainability measures, has fueled this growth.
Indian and Ecuadorian shrimp suppliers are facing a confluence of challenges in the Chinese market, leading to financial losses and heightened uncertainty for their businesses. Already grappling with low shrimp prices and a demanding market environment, these exporters encountered further setbacks at the China Fisheries and Seafood Expo (CFSE) in Qingdao last week.
American shrimp aficionados rejoice – there is light at the end of the tunnel after over a year of shrinking shrimp supplies. New data from the National Oceanic and Atmospheric Administration (NOAA) suggests shrimp import volumes into the United States have posted year-over-year increases for three months straight.
Facing setbacks in the US market, its largest export destination, India’s seafood industry is charting a new course to achieve its ambitious target of $14 billion in exports by 2025. The industry is exploring alternative strategies that involve diversifying export markets, focusing on value-added products, and leveraging free trade agreements (FTAs) to expand its global reach.
seafoodofindia.com
