Publisher's Synopsis
Academic Paper from the year 2017 in the subject Economics - Foreign Trade Theory, Trade Policy, language: English, abstract: Marine products industry alone has a share of at least 6 per cent in world exports in which India is the fourth largest exporting country after China, Peru and Japan. In fact, out of 7.85 million tonnes (mt) of overall fish production of India, roughly 43 per cent is contributed by the marine sector though it turns out to be less than half to that of India's major competitors in fish trade. Marine products exports play a pivotal role in Indian economy in terms of employment and income generation besides valuable foreign exchange earnings. They have created a huge demand in international trade and are acclaimed to be one of the fastest moving commodities in the world food market. China, Thailand, Vietnam, Chile, Taiwan, Indonesia, India, Peru and South Korea are the main sea-food exporters comprising more than 60 per cent of trade value of marine products. In general, 38 per cent (live weight equivalent) of total fisheries product is traded internationally. But with only 20 per cent of its total fish production entering world trade, Indian seafood exports are far below than the global average. Fortunately, India's vast coastline of 8,129 km stretching almost two-thirds of the country and encompassing an exclusive economic zone (EEZ) of more than 2.2 million sq. km. offers sufficient surplus of fish and fishery products, which is currently under-exploited. As of 2015-16, marine products with export earnings crossing Rs. 30,420 crores constituted 21 per cent of the total agricultural exports from India which in turn was 1.2 per cent of its gross domestic product (GDP) and 4.72 per cent of its Agri-GDP.
