The country may even fall short of its target of $2 billion set for 2009, reports The Economic Times.
"The export was hit mainly due to economic recession in Europe and America, which are the major importers of marine products from India," Marine Product Export Development Authority chairman G Mohan Kumar told reporters. He feared that worse was still to come.
India's Marine Exports Down in 2008
INDIA - The global financial meltdown seems to have taken its toll on the export of marine products from India with the business recording a 10 per cent slump to $1.9 billion for the year 2007-08.
