Seas of Success: Unveiling the Economic Dynamics of India’s Marine Product Exports
R. Hanumanthappa *
Department of Agricultural Economics, University of Agricultural Sciences, Bengaluru, Karnataka – 560065, India.
Vinodkumar M. Teggi
Department of Statistics, Maharaja Agrasen Himalayan Garhwal University, Pauri Garhwal, Uttarakhand – 246169, India.
Ashwitha A. S. Gowda
Department of Agricultural Economics, University of Agricultural Sciences, Bengaluru, Karnataka – 560065, India.
K. P. Apsara
Department of Agricultural Economics, University of Agricultural Sciences, Dharwad, Karnataka – 580005, India.
*Author to whom correspondence should be addressed.
Abstract
Background: International trade contributes a significant role in generating employment and income within the fisheries sector, while also stimulating related industries like processing, packaging, transportation and marketing. This creates a ripple effect, generating employment opportunities throughout the supply chain. Therefore, the international trade aspect of the fisheries sector holds immense importance.
Aims: The present study analyses the export trends and its instability in case of frozen shrimp, frozen fish, frozen squid, frozen cuttle fish, dried item, live items and chilled items.
Study Design: The study is based on secondary data and considered export data including export quantity, export value and export earnings from 1995 to 2023.
Methodology: The study analyzed export trends from 1995 to 2023 by calculating compound annual growth rates (CAGR) for export value (in Rs. crores), export quantity and export earnings (in USD million). To measure the extent of volatility in export quantity and value (in Rs. crores and USD million) for Indian marine products-such as frozen shrimp, frozen fish, frozen squid, frozen cuttlefish, dried items, live products and chilled items-during the period from 1995 to 2023, an instability index was constructed.
Results: The outcome showed that the amount of frozen shrimp exported has increased at a noteworthy and relatively high pace of 8.47 per cent and frozen fish (3.22 per cent), frozen squid (4.09 per cent), frozen cuttle fish (3.04 per cent), dried item (13.45 per cent), live items (6.65 per cent) and chilled items (11.27 per cent) in the considered period. Instability indices indicated that the export quantity trend has been moderately instable in case of frozen shrimp (27.56), frozen fish (23.78), frozen squid (19.88), frozen cuttle fish (14.35), dried item (35.83), live items (21.17) and chilled items (35.91) over the period. The decreasing rate in growth of value for frozen fish suggests waning demand, leading to diminishing incentives for future exports from India.
Conclusion: Enhancing domestic processing efficiency through the implementation of Hazard Analysis and Critical Control Point (HACCP) principles is vital for ensuring that Indian fishery products comply with international quality and safety standards. To maximize the export potential of marine products, it is crucial to gain a comprehensive understanding of the regulatory landscape and competitive strategies prevalent in the global market.
Keywords: Compound growth rate, marine product, fisheries sector, export performance, foreign exchange earnings, instability index