The seafood industry in Pakistan faced a significant decline in exports, with a drop of 17.36% to $410 million in fiscal year 2023-24. This decline has raised concerns as the industry failed to meet growth expectations, impacting the 'blue economy' initiative aimed at boosting the fisheries sector as a major export contributor. The average unit price of seafood also decreased from $2.32 per kilogram to $2.04, further contributing to the decline in exports [ebcc8de6].
Several factors have contributed to the decline in seafood exports from Pakistan. China, one of the major buyers of Pakistani seafood, stopped purchasing seafood from the country. Additionally, Thailand reduced its imports due to oversupply from India and Oman. The United States placed a blanket ban on Pakistan's shrimp imports due to non-compliance with Turtle Excluder Device (TED) regulations. These factors have limited Pakistan's global market access and affected its competitiveness in the seafood industry [ebcc8de6].
The challenges faced by the seafood industry in Pakistan have led to threats of shutting down seafood hunts and have had a significant impact on the local market. High operational costs and low returns have further exacerbated the situation. To address these challenges and control losses, shrimp farming has been suggested as a potential solution to expand seafood exports. Shrimp farming can provide a more sustainable and controlled environment for seafood production, potentially improving the industry's competitiveness [ebcc8de6].
Pakistan's seafood industry also faces competition from neighboring countries like India and Bangladesh, which have had a negative impact on its exports. Limited global market access has further hindered the growth of the industry. These challenges highlight the need for strategic measures to enhance the competitiveness of Pakistan's seafood exports and explore new market opportunities [ebcc8de6].