Seafood Exports to Touch $30 Billion in 5 Years, Announces Piyush Goyal

India is preparing for an ambitious leap in its seafood export sector, setting a target of reaching $30 billion in earnings within the next five years, Union Commerce and Industry Minister Piyush Goyal said at a national workshop in Visakhapatnam.

At present, India’s seafood exports stand at around $8 billion , up from nearly $5 billion in 2013–14 , reflecting steady long-term expansion in the sector. The minister stressed that the next phase of growth must be driven by quality improvement , higher production , and stronger value addition to compete in global markets.

He pointed out that the global seafood trade is worth about $160 billion , but India’s exports remain heavily concentrated , with nearly 80 percent going to just a handful of countries. He called for market diversification to reduce dependency and unlock new opportunities.

On trade relations, Goyal said discussions on a phased India–US agreement are progressing, with the first phase expected by mid-July . The negotiations aim to secure preferential market access for Indian exporters. Recent high-level talks with US officials in New Delhi, he added, have helped accelerate the process.

The minister also highlighted strong government backing through the ₹21,000 crore Pradhan Mantri Matsya Sampada Yojana, designed to boost fisheries infrastructure and productivity. He noted that India has also signed nine free trade agreements in recent years, covering around 38 countries , strengthening its global trade network and supporting long-term export growth.