Unlocking insights into marine product exports in India: analysing trade patterns and export potential using Markov chain approach

Abstract

Marine sector in India holds tremendous potential for growth, export expansion and employment generation primarily due to competitive advantage of the country in the production of marine products. This study made an attempt to assess the loyalty of importing countries as well as analyse the competitiveness of Indian fisheries in world trade. Markov Chain Approach was used to explore the dynamic nature of trade patterns, particularly the gains and losses in the export of Indian marine products to significant importing nations. The study revealed that USA (99.69%), followed by Japan (96.36%), Other Countries (74.81%), South East Asian countries (67.85%), and China (42.03%) were the largest and most consistent importers of Indian marine products. It was also observed that EU, China, South East Asia, Middle East and the Other Countries exhibited a decline in the projected quantity of marine products imported from India over the years. The paper also provides suggestions to exporters and policymakers on tapping the future export potential of marine products in selected countries.