Farmed vannamei shrimp. (Photo: Ailesh)
Vannamei shrimp exports forecast to surge
Wednesday, October 04, 2017, 23:30 (GMT + 9)
Seafood export value from India is expected to grow by 41 per cent this year, or USD 2.3 billion, encouraged by an abundant vannamei shrimp harvest, according to a report by Globefish, a unit within the United Nation Food and Agriculture Organisation (FAO).
The report, which analyses the seafood market situation until June 2017, states that amid growing uncertainties in the seafood trade, India is expected to be the standout performer in 2017, along with Chile.
These forecasts offer certain relief to exporters from India at a time when the European Union (EU), the third largest market, is contemplating a complete ban on Indian shrimp imports over quality issues, Business Standard reported.
In the case of Chile, a combination of a recovery in salmon harvest volumes and the high price level for salmon products will equate to a projected rise of USD 1.6 billion, marking a rise of 30 per cent, in export value.
On the imports side, Globefish report outlines that both developed and developing markets are expected to perform well in 2017.
Significant import growth is forecast for the South East Asian emerging markets in particular, while the traditional "big three" comprising the United States (US), EU and Japan will all see a boost in seafood demand due to improving economic conditions.
Driven by robust demand growth worldwide, a substantial proportion of global production will be exported. The value of world trade in fish and fishery products is expected to increase by a projected 5.8 per cent to USD 150.9 billion in 2017.
As per an earlier report of FAO, India had emerged as the largest exporter of shrimps in the world by exporting 438,500 tonnes in 2016, marking a 14.5 per cent increase over the last year.
The top five shrimp exporters to the international market in 2016 were India, Vietnam, Ecuador, Indonesia and Thailand.
- Exporters fear EU restrictions due to antibiotics in aquaculture products