Analytical Study on Indian Marine Products Export Using Markov Chain Analysis

The changing pattern and direction of trade of various marine product exports from India to seven major export regions/countries viz., Japan, the USA, the European Union, China, South East Asia, and the Middle East for a decade from 2011-12 to 2020-21 were analyzed using the Markov Chain approach. Analysis of region-wise data using this method revealed that the USA had a higher probability of retention (100 per cent) compared to the other regions. However, Southeast Asia and China were observed as stable importers of Indian marine products since the highest retention probability was 79.98 and 72.24 per cent, respectively. The direction of trade indicated that frozen shrimp (85.05 per cent) and frozen finfish (70.06 per cent) were found to be highly loyal and stable products compared to other products. It indicated that more efforts were required to promote exports to these countries by stabilizing the markets by supplying quality marine products and making them price-competitive in the international market.