NEW DELHI: India's marine exports are likely to grow by over 28 per cent year-on-year to USD 4.5 billion in the current fiscal on rising demand in western markets like the US and Europe.
During 2011-12, seafood exports stood at USD 3.5 billion, according to the data provided by the Marine Products Export Development Authority (MPEDA).
"We expect seafood exports to touch USD 4.5 billion in 2012-13 due to increase in demand, mainly for Litopenaeus Vannamei shrimp and Black Tiger shrimp, in the US and European markets," an MPEDA official said.
The US and Europe together account for over 45 per cent of the country's total seafood exports.
Litopenaeus Vannamei shrimp and Black Tiger shrimp, top the list of favourite seafood items in countries like Europe, American, Japan and China.
During April-June, the country's marine exports grew at a healthy rate of over 15 per cent compared to the last fiscal.
Also, the focus is on better infrastructure facilities to encourage production of value-added items, the official said.
The MPEDA, which is under the Commerce and Industry Ministry, is the nodal agency for promotion of export of marine products from India.