Govt asks seafood exporters to explore alternative markets in the wake of US tariff move
'We have asked them (exporters) to face the current challenge bravely. There are alternative markets available... Where there is a will, there is a way,' Union fisheries and animal husbandry minister Rajiv Ranjan Singh said after a meeting with seafood exporters.
India is currently the leading supplier of frozen shrimps and prawns to the US, with its market share increasing significantly from 24.4% in 2015 to 40.6% in 2024.
Since the enhanced tariff will impact India's market share in the US, the country will have to explore alternative markets. The meeting on Monday was held to chart a strategy to expand India's market reach.
The alternative markets identified for the purpose include the UK, European Union (EU), Oman, UAE, South Korea, Russia and China, with there being special focus on South Korea's potential and west Asia's growing demand for Indian seafood.
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Emphasising the need for greater value addition and better packaging in gaining new markets, Singh said, 'We have asked them (exporters) to work in this direction'.
The minister said the govt has come out with draft guidelines on fishing in high seas and Exclusive Economic Zones, and sought public comments within a month. 'This will harness fisheries, especially tuna fish in Lakshadweep islands and Andaman and Nicobar and give a further boost to India's exports,' he said.
Besides highlighting tariff barriers in major markets including the US, the stakeholders pointed out non-tariff barriers such as private testing, third-party clearances, and farm certifications. The gaps in cold chain and processing infrastructure for niche products were also brought up.
Singh asked the exporters to take advantage of the Fishery Infrastructure Development Fund to upgrade and strengthen value-addition, processing and packaging facilities.
India's annual fish production has witnessed high growth of 104%, rising from nearly 96 lakh tonnes in 2013-14 to 195 lakh tonnes in 2024-25. India exported 17.81 lakh metric tonnes of seafood, worth Rs 60,524 crore ($7.38 billion), during 2023–24. Frozen shrimp continued to be the most significant item in India's seafood exports basket, earning Rs 40,013 crore ($4.88 billion).
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