October 30, 2019
A Chinese trade delegation, during a recent visit to India, signed contract for the import of marine products worth US$500m in the next two years
Embassy of India and MPEDA recently hosted a buyer-seller expo, attended by more than 50 participants from 25 major importing companies in China
Globally, India is the 2nd largest source of aquaculture products and 3rd largest fish producer, with total marine exports worth US$7 billion in 2018-19
India’s Union Cabinet is focussing on 12 identified Champion Services Sectors outside of IT-ITeS services, with specific strategy for the marine sector
According to recent data released by the customs authority of China, the export of marine products from India to China has grown three-fold, almost reaching US$800 million by October 2019. With marine exports to China expected to surpass US$1 billion before the end of the year, India is attracting increased attention from import and trade partners in the Far East. In line with this, earlier this month, a Chinese trade delegation had visited India to sign a contract for marine imports worth US$500 million over the next two years.
The Ministry of Commerce and Marine Products Export Development Authority (MPEDA) has been supporting the Embassy of India in building interest for Indian marine products in China amongst key trade stakeholders. To showcase India’s capabilities in the sector, the Embassy of India and MPEDA recently collaborated in hosting a promotional buyer-seller meet alongside the China Fisheries and Seafood expo held in the coastal port city of Qingdao.
The event brought together over 40 Indian exporters and export associations as well as over 50 participants from 25 major importing companies in China. India’s steady growth in the marine sector has led to it being the second largest aquaculture producer and third largest fish producer in the world, with total marine exports valued at US$7 billion in 2018-19, as per MPEDA. China, which already imports US$12 billion of marine products annually, could benefit from India’s high-quality marine market.
The Embassy of India has been prioritising an increase in its market share in China, focusing on various products with proven global capabilities such as rice, pharmaceuticals, tea, oil meals, IT and ITeS. The marine sector is amongst the Union Cabinet’s 12 identified Champion Services Sectors. Herein, bilateral ties with China will greatly contribute to establishing India as a global trade and services hub.