Kochi, Apr 7 (IANS): Seafood exports are set to rise this fiscal due to favourable policies of the central government and the industry's expansion to new markets in China and Southeast Asia, according to the Seafood Exporters Association of India (SEAI).

SEAI secretary Sandu Joseph told IANS that seafood exports till the end of January had registered a growth of 4.13 percent over the corresponding 10-month figure in 2009.

"In value terms, it has grown 11.13 percent and in dollar terms 4.18 percent," he said.

The quantity of seafood exported rose from 510,043 tonnes to 531,131 tonnes. In value terms, it increased to Rs.8,083.82 crore from Rs.7,273.93 crore and in dollar terms to 1,704.26 crore from 1,635.90 crore.

In fiscal 2008-09, India exported 602,000 tonnes of seafood valued at Rs.8,607.94 crore, registering an increase of 11.29 percent in volume and 12.95 percent in value terms over the 2007-08 fiscal.

The European Union is the leading destination with a 30 percent share valued at Rs.2,443 crore, followed by China, Southeast Asia, Japan and the US.

"Exports to the US have been coming down over five years. One of the main reasons is the imposition of duty by the US Department of Commerce on shrimp exports from India," said Joseph.