SME Times News Bureau | 03 Nov, 2009
India's marine product exports declined by about 4 percent to USD 148.54 million in August over the same period last year, owing to a slump in demand  in the US and European markets triggered by the global financial meltdown.

In August 2008, the exports were USD 154.70 million, according to the Marine Products Export Development Authority.

The exporters are also facing problems due to strengthening of rupee against the US dollar, according to industry experts.

The dollar is trading at below Rs 47, weakening by over 10 percent from Rs 52.17 in the first week of March 2009.

During the first five months of this fiscal, marine products exports plunged by about eight percent to USD 648.75 million from USD 703.70 million in the same period last year.

Sea food exports, which have a very minimal contribution to the country’s total outward shipments, plunged into the negative zone in October last year. In 2008-09, the exports were placed at USD 1.90 billion.

Among marine products, shrimp is the main exporting item accounting for 44 percent 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 percent, followed by Japan 14.89 percent, China 14.44 percent and the US 11.92 percent.