Indian marine product exports are likely to grow 5 per cent to touch $8.4 billion in FY24 despite the slowdown faced in the biggest market, the United States.

India’s export is expected to rise a modest 3 per cent this year to $8 billion as sluggish demand in the US for shrimps, which account for 70 per cent of the nation’s marine product export, neutralised gains from growth experienced in other regions.

The United States accounts for 27 per cent of quantity but 43 per cent of value.

“Our inquiry has found out that there is a high inventory in the US and the demand has also been sluggish. As a result, there was a negative growth,” Marine Products Export Development Authority (MPEDA) chairman D.V. Swamy said.

Swamy is in Calcutta to attend the 23rd edition of India International Seafood Show, which is taking place from February 15-17.

While India continues to face headwinds in the US, the Indian exporters received a breather earlier this week when China, the second largest market, lifted suspension on 99 seafood export units.

The country’s seafood export to China stood at $1,17 billion in 2021-22, clocking a 25 per cent rise over the $939 million earned in the previous financial year.

“We expect the export to China will rise significantly this year,” Swamy added.