EU Approves More Indian Marine Units to Boost Seafood Exports
The European Union has approved an additional 102 Indian marine product units for export, increasing eligible suppliers and potentially boosting India's seafood exports to the EU by 20%. This move is crucial for diversifying exports amid U.S. tariffs on Indian shrimp.
- Country:
- India
The European Union (EU) has given the green light to 102 additional marine product units from India, allowing them to export to the EU. This decision brings the total number of EU-listed Indian units to 604, marking a significant step forward for the country's seafood industry.
An official revealed that this development is expected to enhance India's seafood exports to the EU by approximately 20%. In the fiscal year 2023-24, these exports were valued at USD 1.1 billion, making the EU India's second-largest market for seafood exports.
The expansion is seen as vital for Indian shrimp exports, especially with the current U.S. tariffs affecting the market. Major destinations for India's seafood exports include the U.S., EU, China, Japan, Vietnam, and Thailand, with shrimp contributing significantly to the export figures.
(With inputs from agencies.)
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