New Delhi (PTI): India's export of marine products declined by 1.35 per cent during the first 11 months of 2008-09 due to waning demand in the major markets such as Europe and the US.
Export of seafood products slipped to USD 1.70 billion during April-February 2008-09 from USD 1.72 billion during the corresponding period last year, according to recent estimates of the Marine Products Export Development Authority (MPEDA).
The decline, MPEDA officials said, was mainly on account of global recession which has pulled down the demand of consumer and other goods in markets like the US and Europe.
India exported 5,30,033 tonnes of seafood items during the first 11 months of the last financial year compared to 4,91,430 tonnes during the same period previous fiscal.
Seafood exports, which have a very minimal contribution in the country's total outward shipments, started feeling the heat of the economic meltdown since October 2008.
Marine items are likely to grow from the third quarter of the current fiscal as the demand from its main markets is expected to pick up by this time, an MPEDA official said.
Among marine products, shrimp is the main exporting item accounting for 44 per cent of the total seafood export earnings, followed by fish and cuttlefish.
European Union is the largest market for Indian marine products with a share of 33 per cent, followed by Japan (14.89 per cent), China (14.44 per cent) and the US (11.92 per cent).
Source : The Hindu