Shrimp Trade in Troubled Waters: India's Tariff Challenge
India, the leading shrimp supplier to the U.S., faces a significant challenge as a 50% tariff imposed by the U.S. threatens the industry. Efforts to shift to alternative markets and livelihoods come under strain, while Ecuador eyes growing market share. Farmers seek to diversify to survive the impending crisis.
India's shrimp exporters are reeling from a potential 50% U.S. tariff, threatening their position as the largest supplier to the American market. Many farmers in Andhra Pradesh, the heart of shrimp cultivation, are scrambling for alternative sources of income due to slashed rates.
The tariffs, initiated under Trump's administration, have disrupted trade, leaving farmers like V. Srinivas considering less profitable alternatives such as fish farming. Shrimp accounted for 40% of India's $7.4 billion seafood exports last year, underscoring the severe impact on the industry.
As India's shrimp exports largely pivot around the U.S., Ecuador is poised to capture the market if Indian exporters struggle. However, the Indian sector's diversification efforts into other markets like China and Japan remain slow. Farmers are seeking government support as they face financial strain from loans and operational costs.
(With inputs from agencies.)
- READ MORE ON:
- India
- shrimp
- tariff
- Ecuador
- exports
- Andhra Pradesh
- Trump
- farmers
- trade
- diversification
Google News