Chinese signed US$500m contract

India’s marine exports to China are expected to cross US$1 billion mark by the end of this year, Commerce and Industry Ministry said on 30 Oct 2019.

The Indian marine product exports to China has tripled and touched almost US$800 million in the first nine months of 2019, as per the data released by China’s customs authority recently.

A Chinese trade delegation visited India on 9 October 2019 and signed a contract for import of marine products worth US$500 million in the next two years, said the Ministry.

China’s annual marine product imports is around US$12 billion.

The India Embassy has highlighted the huge potential and set an ambitious target of achieving US$2 billion exports in near future.

The Embassy of India, consulates in Shanghai and Guangzhou, under the guidance of Ministry of Commerce and Marine Products Export Development Authority (MPEDA), has been promoting Indian marine products in China. They are engaged with various stakeholders.

In order to pitch for India’s strength in this sector, the Embassy had organized a promotional event and buyer seller meet on marine products in collaboration with MPEDA on the side lines of China Fisheries and Seafood expo in the coastal city of Qingdao, which is also a major port of imports.

MPEDA Chairman K.S. Srinivas, led a delegation of more than 40 Indian exporters and exporters associations for the expo which witnessed huge response from Chinese importers with more than 50 participants from 25 major importing companies participating in the event.

He pointed out that India is emerging as the 4th largest exporters of sea food in the world. India is second largest aquaculture producer, 3rd largest fish producer in the world with exports of marine products worth US$7 billion. fiinews.com