According to the revised estimates of the Marine Products Export Development Authority (MPEDA), the actual exports valued in US dollar terms during the current fiscal is likely to be lower by 13.53 per cent compared to the same period last year. The union commerce ministry and the export promotion agency had set a target of $1,300 million for the current fiscal. Last year, the industry had clocked actual exports to the tune of $1,295 million.

However, based on the export performance for the first three quarters in the current fiscal, the industry has pareddown the actual exports by 11.50 per cent to $1,150 million. This translates to a 13.53 per cent decline compared to the target set for the current fiscal.

According to the figures available with MPEDA, exports during the April-January period of the current fiscal registered a 22.45 per cent decline to 245,550 tonnes from 316,665 tonnes during the same period last year. The actual exports valued in dollar terms dipped by 12.76 per cent to $944.80 million from $1083.42 million during the same period last year. The weak rupee shored up rupee earnings of marine exports by 0.46 per cent to Rs 3,945 crore from Rs 3,927.40 crore during the same period last year.

Industry sources attributed a list of factors which caused the sector to lose steam. Topping the list is the severe shortage of raw materials for the processing industry which has been working under a capacity of less that 40 per cent. The commerce ministry's decision to include several fish items in the OGL did not help the industry to increasecapacity utilisation significantly as the items allowed under it do not figure in the popular export items. The Chinese payment crisis had also hit the fortunes of the marine industry to a great extent. After the EU ban, Indian exporters found the Chinese market a haven and even routed exports to other countries through China. However, with the payment crisis, exports to the Chinese market lost steam and virtually came to a standstill by the end of the last calender year. However, MPEDA sources said that with the Chinese government cracking its whip on the payment defaulters, exports to China are slowly picking up as hope of dues recovery becomes brighter. Though, official Chinese banks are not opening LCs, banks based in Hong Kong and Singapore were doing so, sources added.