US tariffs imposed by the Trump administration have prompted India’s seafood exporters to turn to the alternative seafood market, but they will not receive a fair price for their exports. According to the analysis, US consumers pay more for Indian seafood. Surprisingly, it’s more than double the average price that China and Japan pay per Kilogram. Traders are appealing to the economic ministries to finalise a deal with the US before the opportunity slips away
How does the implementation of US Tariffs affect the seafood exporters?
The US used to be India’s largest seafood market earlier, valued at $7.38 billion (35% of exports), but the implementation of a 59.73% tariff on the Indian seafood sector has led to severely influenced the seafood industry. To assist seafood exporters and producers, PM Narendra Modi visited China and Japan after the implementation of US tariffs, but according to the data, China and Japan cannot take the US’s place in terms of value, as they are the top importers of seafood from India by volume.
Export Data of US, China, and Japan
According to the data of the Marine Products Export Development Authority (MPEDA) for 2023-24, India exported 3.29 lakh tonnes of seafood to the US at approximately $7.74 per kilogram, whereas exports to China climbed up to 4.52 lakh tonnes at nearly $3.07 per kilogram. Moreover, Japan imported nearly 1.07 lakh tonnes at around $3.70 per kilogram.
Now, a country close to the US is none other than Canada; however, the country imports much less in quantity. Throughout the period, India has lost a significant share of its prime market in the European Union.