A Dip in the Sea

Although India’s export number reached a pinnacle of US$ 32.21 Bn in May, covid-19 and the sluggish marine sector overseas seems to have cast shadows over the Indian seafood industry. As per the data released by the Marine Products Export Development Authority, India’s seafood exports dipped by 10.81% at 11,49,341 tonnes from a year ago. However, all is not blue. According to a recent report, production-linked incentive schemes for value-added shrimps, along with the revival of demand and restoration of supply chains, shrimp exports are expected to grow by 20% to about US$ 4.3 Bn in 2021. Moreover, it is said that India and the Philippines are looking forward to a trade partnership to bolster cooperation in the blue economy sphere. We believe this will help India’s aqua farmers to rise back to the top again.

Besides this, India reported a 7.3% contraction in its GDP for FY21. Even though economists do not foresee any major impact of the second wave, they are still apprehensive about achieving a decent GDP number in the next year. Experts believe India’s export basket has largely remained unchanged for decades and serious thought must be given in this direction to reach the massive target of US$ 400 Bn exports. Exporters are also hoping that the oxygen supply to industries is soon restored as they are flushed with overseas orders and fear that competitors like China and Brazil will jump on those orders.

Exports jump to $32.21 billion in May; trade deficit at $6.32 billion

Exports in May last year stood at USD 19.24 billion and in May 2019 it was at USD 29.85 billion, the commerce ministry's preliminary data showed.

GDP data | Double-digit growth for FY22 uncertain, overall impact of 2nd wave may not be large: CEA

As India reported a 7.3 per cent contraction in its GDP for FY21, Chief Economic Adviser (CEA) K.V. Subramanian has said that the overall impact of the second wave of Covid-19 is unlikely to be significant, although there is uncertainty over possible double-digit growth in the current financial year.

COVID-19 Pandemic | India's seafood export drops by about 11% in FY21

India’s seafood exports have slumped by nearly 11% in volume and value in FY21 as coronavirus pandemic disrupted production and supply in key markets.

India, Canada resume talks on stalled trade pact

After languishing for nearly four years, India and Canadian negotiators have resumed discussions this week towards a possible trade pact.

Patented ‘village rice’ from Kumbakonam exported to Ghana,Yemen

This variety's unique feature is enriched with protein, fibre, and various minerals. A start-up firm has exported two consignments of 4.5 tonnes of patented “village rice” sourced from Kumbakonam in Tamil Nadu’s Thanjavur district to Ghana and Yemen via air and sea routes.