With the European Union (EU) and United States (US) adopting various restrictive measures to curb seafood import, Indian exporters are exploring new markets.
India exported $5.8 billion (Rs 37,870 crore) of seafood products in 2016-17. The US was the largest market; the EU was third.
"We believe that in the short and middle term, Indian seafood exporters would look at other markets like Japan, Korea, CIS, Eastern Europe and the Middle East. Developing these markets further for products from India should be the next logical step for MPEDA (Marine Products Export Development Authority) and the industry. China and Vietnam continue to be strong buyers and there are strong signs of substantial increase in India's export quantities to these two markets," said Rahul Kulkarni, director, WestCoast Group, a leading shipper.
Rajen Padhy, a seafood trader, agreed: "With the EU restrictions and anti-dumping duty in the US, the focus has shifted to East Asia and Southeast Asia."
China, Vietnam and Thailand are the newly emerging markets.
The US has extended anti-dumping duty on Indian seafood products for another five years. The EU has strengthened its inspection norms for aquaculture products from India, from testing of samples from at least 10 per cent of consignments to 50 per cent from last year.
Also, "indications are coming that the EU is going to ban Indian shrimp. If this occurs, exporters will certainly tap emerging markets like the Gulf and Far East countries," said Kamlesh Mishra, president, Sea Food Exporters Association of India (Odisha region).
He added that the government should talk to the EU to ensure trade isn't disrupted like this.