The export of marine products from India has hit a new record of US$5bn during the fiscal year 2013 to 2014.

The Marine Products Export Development Authority (MPEDA) has announced that during the financial year 2013 to 2014, exports of marine products reached an all-time high of US$5,007.7mn.

“I’m very happy to say that Indian seafood has crossed the US$5bn export mark. This year recorded a growth of 35% from last year. Both fish and shrimp have seen highest exports,” says Leena Nair, chairman of MPEDA.

Nair adds that the stable economies of America and the European Union have helped India reach the US$5bn mark.

Compared to the previous year, seafood exports recorded a growth of 5.98% in quantity, 60.23% in rupee and 42.6% growth in US dollar earnings respectively.

In 2012 to 2013, marine exports were recorded at US$3.5bn, and it was much lower in 2003 to 2004 with US$1.3bn of marine exports posted, representing a 376% growth over the decade to this year’s results.

The rise in maritime exports during 2013-14 has been attributed to an increase in export of the L. Vannamei shrimp, commonly known as the Whiteleg shrimp.

Looking at the Indian marine export market as a whole, Southeast Asia continues to be the largest buyer of Indian marine products with the US and the EU respectively second and third.

Commenting about MPEDA’s role, Nair adds: “We have about 500 processing facilities in the country out of which 300 export to the European Union and around 170, to the rest of the world.”

MPEDA aims at exporting shipments worth US$6bn for the year 2014-15.