As per recent updates, Indian seafood exporters increased around by 11% on Wednesday, November 19, after media stated that China found that Japan plans to dismiss seafood imports from the country. This is a move excepting to shift demand toward alternative suppliers like India.
Notably, Just months ago, Beijing partially relaxed the restrictions on Japanese seafood but the renewal on the ban could deal a sharp blow to companies hoping to get the access back to a market that once accounted for more than 20% of Japan’s seafood exports.
Increase in Chinese demand offers lifeline to Indian seafood exporters
On the contrary, a steady increase in Chinese demand could provide a lifeline to Indian seafood exporters squeezed by the steep tariffs imposed by the Trump led administration. Undoubtedly, United States the country’s biggest market, with clients including significant retailers like Walmart and Kroger. Total seafood exports from India globally stood at $7.4 billion last year, with shrimp accounting for 40%. Vincent K Andrews, equity research analyst at Geojit Financial Services stated that companies have looking to expand their export markets with the tariff issue weighing on shipments. Furthermore, he added that any new avenue is positive news for the sector.
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