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Stock Market Tips, Strong orders to push up exports of shrimps
The growth in demand of Indian frozen shrimp is expected to continue, despite the negative sentiments regarding the imposition of a ban on Indian shrimps
Aided by strong order books, exports of shrimps are likely to grow by about 30 percent this financial year from 0.43 million tonnes exported in FY17. The exports are likely to surpass 0.55 million tonnes in FY18.
“Following 19 percent volume growth registered during FY17, the trend continued in the first half of FY18 with volumes growing 33.6 percent year-on-year (y-o-y). India currently accounts for 35 percent of the global frozen shrimp exports,” said rating agency Icra in a report.
Icra expects shrimp exports during FY18 to grow 25-30 percent, led by order visibility for Indian exporters and continued demand from main importers such as the US, said Pavethra Ponniah, vice-president and sector head (corporate sector ratings) of Icra.
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