New Delhi, June 3 (IANS) India’s Blue Economy is emerging as a powerful engine of growth, driven by expanding seafood exports and rising global demand for Indian marine products, Union Commerce and Industry Minister Piyush Goyal said on Wednesday. The minister said India’s fisherfolk are benefiting from wider market access and growing export opportunities, with seafood exports touching an all-time high during FY 2025-26. Highlighting the sector’s rapid growth, Goyal said seafood exports have recorded a nearly 145 per cent jump since FY 2013-14.

“Our fisherfolk are benefiting from expanded markets and rising exports, with seafood exports reaching an all-time high in FY 2025-26. With nearly 145 per cent jump in exports since FY 2013-14, India’s Blue Economy is emerging as a powerful engine of growth,” the minister said. Meanwhile, India's seafood exports touched an all-time high in both volume and value during 2025-26, underlining the sector's resilience amid uncertain global trade conditions and strengthening the country's position as a major supplier to international markets.

India exported 19.72 lakh metric tonnes of seafood during the fiscal year, valued at Rs 73,890 crore ($8.46 billion), the highest ever achieved by the sector, the Marine Products Export Development Authority (MPEDA) said on June 1. Announcing the figures, MPEDA Chairman P. Jawahar said the record performance was achieved despite multiple global challenges, including volatile demand patterns and market uncertainties.

Frozen shrimp continued to dominate India's seafood export basket, accounting for more than two-thirds of total export earnings. Shrimp exports generated Rs 49,038 crore ($5.62 billion), contributing 66.5 per cent of total foreign exchange earnings from seafood exports. Export volumes of frozen shrimp rose to 7.93 lakh metric tonnes, with the United States remaining the largest buyer, followed by China and the European Union.

The United States retained its position as India's largest seafood market by value, importing seafood worth $2.33 billion. However, exports to the US registered a decline in value and volume compared with the previous year, reflecting changing market dynamics and pricing pressures.

--IANS