NEW DELHI, AUG 12 : The Indian government is working to increase domestic consumption and explore new export markets for the seafood sector in response to the crisis caused by heavy tariffs imposed on Indian seafood by the US administration.<\/p>\n\n\n\n
Meanwhile, Andhra Pradesh, which contributes over 75% of India\u2019s total seafood exports, is urging the Central government to provide interest subvention.<\/p>\n\n\n\n
\u201cWe are seeking new opportunities in countries such as South Korea, Australia, Russia, and the European Union to offset our losses,\u201d said Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry and Dairying without mentioning the US administration directly. Singh stated that discussions had taken place with 50 seafood exporters, and there are plans to continue the flagship Prime Minister Matsya Sampada Scheme for an additional five years to provide support.<\/p>\n\n\n\n
The Trump administration has imposed a total tariff of 59.73% on India\u2019s seafood sector, potentially the highest among all sectors, which may severely impact the industry.<\/p>\n\n\n\n
Prior to these tariffs, Indian exporters were paying a combined duty of 8.56%, which included anti-dumping duty (ADD) and countervailing duty (CVD), along with a reciprocal tariff of 10%. The new tariffs have raised the ADD from 2.56% to 3.96%, while the CVD remains at 5.77%. Additionally, the previous 10% reciprocal tariff has escalated to 50%, including penalties.<\/p>\n\n\n\n
The US was the largest market for India’s seafood, valued at USD 7.38 billion, accounting for around 35% of the total market. Ecuador is expected to capture a significant share of this market due to its proximity to the US and lower tariff barriers.<\/p>\n\n\n\n
\u201cOur primary concern is to expand the domestic market and diversify our export markets as soon as possible,\u201d said Ramashankar Naik, Commissioner of the Fisheries Department in Andhra Pradesh. \u201cThis is a challenging time for the seafood sector, and it needs to be addressed promptly to save the industry,\u201d Naik emphasized.<\/p>\n\n\n\n
Andhra Pradesh alone contributes about 75% of all seafood exports, followed by Kerala, Gujarat, and Odisha. The seafood basket includes frozen shrimp, frozen fish, octopus, surimi, lobster, cuttlefish, dried fish, and fish meal.<\/p>\n\n\n\n
When asked about the impact of the US tariffs, a senior officer remarked, \u201cThe US is just one of the 130 countries to which India exports fish and seafood. We will manage this situation soon.\u201d<\/p>\n\n\n\n
India\u2019s export of seafood contribution to EU has dropped from 35% to 11% in past one decade.<\/p>\n\n\n\n
\u201cWe will soon gain our market to compensate our US loss,\u201d said Naik.<\/p>\n\n\n\n
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