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Economic Times
3 days ago
- Business
- Economic Times
Indian seafood industry stares at Rs 24,000-crore loss as Trump doubles India tariffs
Synopsis The Indian seafood export industry faces a potential loss of Rs 24,000 crore due to the US doubling tariffs to 50%. This move puts India at a significant disadvantage compared to competitors like Ecuador, impacting exporters and potentially farmers. The industry, heavily reliant on the US market, is seeking government support and exploring alternative markets to mitigate the effects. AP India seafood industry (Image for representation) The Indian seafood export industry is staring at a business loss opportunity of almost Rs 24,000 crore to the US due to the country's doubling of existing tariff to 50% on India. 'We are shocked. This is a doomsday for the seafood industry. It will have an effect on the farmers too,' said Pawan Kumar G, president, Seafood Exporters Association of India. 'We will need hand holding by the government,' he said. Ecuador, India's closest competitor for seafood exports, which is geographically closest to the US, will pay only 10% import duty in the US market, while Indonesia will pay 19% and Vietnam pay 20%. The US accounts for almost 40% of the total Indian seafood exports of Rs 60,000 crore. India mainly exports shrimps to the exporter from the west coast of India said as the industry has about 15% of annual sales as inventory at any given time, the exporters will face losses on this Indian industry employs an estimated 20 million people. As the seeding season for next harvest is currently underway, the industry fears that farmers may stop seeding operations. Executives said a lot will depend on how big buyers like Walmart and Costco negotiate with Indian exporters and how much margins they can pass. 'If this high US tariff continues where India is at disadvantage, Indian seafood exporters will have to make inroads into other markets,' another exporter said.
Time of India
3 days ago
- Business
- Time of India
Indian seafood industry stares at Rs 24,000-crore loss as Trump doubles India tariffs
The Indian seafood export industry is staring at a business loss opportunity of almost Rs 24,000 crore to the US due to the country's doubling of existing tariff to 50% on India. 'We are shocked. This is a doomsday for the seafood industry . It will have an effect on the farmers too,' said Pawan Kumar G, president, Seafood Exporters Association of India. 'We will need hand holding by the government,' he said. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Ecuador, India's closest competitor for seafood exports, which is geographically closest to the US, will pay only 10% import duty in the US market, while Indonesia will pay 19% and Vietnam pay 20%. The US accounts for almost 40% of the total Indian seafood exports of Rs 60,000 crore. India mainly exports shrimps to the US. An exporter from the west coast of India said as the industry has about 15% of annual sales as inventory at any given time, the exporters will face losses on this volume. The Indian industry employs an estimated 20 million people. As the seeding season for next harvest is currently underway, the industry fears that farmers may stop seeding operations. Live Events Executives said a lot will depend on how big buyers like Walmart and Costco negotiate with Indian exporters and how much margins they can pass. 'If this high US tariff continues where India is at disadvantage, Indian seafood exporters will have to make inroads into other markets,' another exporter said.
Time of India
30-07-2025
- Business
- Time of India
Seafood exporters may bear brunt of US tariff hike, Rs 60,000 crore industry at risk
India's ₹60,000 crore seafood export industry is likely to face a dent in orders from the US with industry executives fearing they would face huge pressure from US importers to absorb the increase in tariffs which could impact farm gate prices, industry executives said. Indian exporters are presently paying 10% tariffs and additional anti-dumping duty of 4.5% and countervailing duty of 5.8%. With the US announcing the tariffs of 25% and a penalty from August 1, the exporters will face at least 15% additional duty over the existing tariff structure. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Healthcare Design Thinking MBA MCA Degree Artificial Intelligence CXO Management Cybersecurity Public Policy PGDM Technology Digital Marketing healthcare Operations Management Data Science Project Management Others Finance Leadership Product Management others Data Analytics Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details "The seafood industry will be in dire straits affecting 20 million people. The industry will come to a standstill as we cannot absorb the 15% increase in tariffs," said Pawan Kumar G, president, Seafood Exporters Association. Ecuador, India's closest competitor in marine exports and geographically closest to US, has to pay only 10% tariff to the US while Indonesia pays 19% duty and Vietnam 20%. Kumar said there is also uncertainty about how much the penalty would be. "We don't know if the new tariff will become applicable to the consignments worth ₹1500 crores currently sailing on the waters," he said. Live Events
Economic Times
30-07-2025
- Business
- Economic Times
Trump's 25% tariff puts India's ₹60,000 crore seafood export industry under pressure
TIL Creatives Representational India's Rs 60,000 crore seafood export industry is likely to face a dent in export orders from the US with industry executives fearing they would face huge pressure from US importers to absorb the increase in tariffs which could impact farm gate prices, industry executives exporters are presently paying 10% tariffs and additional anti-dumping duty of 4.5% and countervailing duty of 5.8%. With the US announcing the tariffs of 25% and a penalty from August 1, the exporters will face at least 15% additional duty over the existing tariff structure. "The seafood industry will be in dire straits affecting 20 million people. The industry will come to a standstill as we cannot absorb the 15% increase in tariffs," said Pawan Kumar G, president, Seafood Exporters Association. Ecuador, India's closest competitor in sea food exports and is geographically closest to the US, has to pay only 10% tariff to the US while Indonesia pays 19% duty and Vietnam 20%. Kumar said there is also uncertainty about how much the penalty would be. 'We don't know if the new tariff will become applicable to the consignments worth Rs 1500 crores currently sailing on the waters,' he said. Frozen shrimp exports account for more than Rs 40,000 crores of India's total seafood exports and the US accounts for 40% of India's total shrimp exports.
Time of India
24-07-2025
- Business
- Time of India
Seafood, agriculture companies eye larger market share
The India-UK FTA is poised to significantly benefit India's seafood and agricultural sectors. Duty-free access to the UK market is expected to double seafood exports, offsetting challenges in the US market. Agri commodities will also gain competitiveness, potentially boosting India's agri-exports by 20% and aiding the $100 billion export goal by 2030. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's ₹60,000 crore seafood export industry, which has been facing tariff related uncertainties in its largest market in the US, could see duty-free access for Indian marine products to the UK under the FTA and double India's market share there."As the seafood sector faces challenging times due to the ongoing issues regarding the US tariffs, zero duty access to the UK will open a new market for the Indian seafood sector. We can double our existing exports to the UK in one or two years," said Pawan Kumar G, president, Seafood Exporters'Association of the India UK FTA, India will get access to the $5.4 billion UK marine market. The export of shrimp, tuna, fishmeal and feed has become 100% duty free bringing parity to Indian exporters with EU giants like Germany and the Netherlands, and an edge over the Southeast Asian competitors."The new FTA gives Indian seafood entry into the UK for all its products at 0% import duty against previously assessed between 4.5% to 15%. This gives Indian products a huge advantage over similar products from other Southeast Asian competitors like Vietnam, Indonesia and Thailand. We hope to take advantage of the FTA to increase our share of the pie in the UK," said Thomas Jose, director, Choice Group from the USA and China, the EU is the third largest market for Indian seafood exports . "Gujarat is an upcoming and major producer of shrimp after Andhra Pradesh and West Bengal. The duty-free access to the UK market will be a relief for seafood exporters and farmers, currently under duress due to the pressure in the US market," said Jagdish Fofandi, past president, Seafood Exporters Association of India Several agri goods such as fruits, vegetables, cereals, turmeric, pepper, cardamom, and processed goods like ready-to-eat food, mango pulp, pickles and pulses will also get access to the UK markets making Indian products more 95% of agricultural and processed food tariff lines will attract zero duty, a potential 20% boost to boost India's agri exports in the next three years, contributing to India's goal of $100 billion agri-exports by 2030."The trade deal will help Indian farmers earn higher income as well as upgrade to global standards. This will help in opening more trade gates to the developed world," said Sumit Gupta, CEO, WASEDA Global, an agri commodity exporter."The market for imports, so far small, will only grow with the FTA in place. We don't see any major competitive concerns for the mass and mid segments because that's where the majority of the domestic biscuits market is concentrated," said Mayank Shah, VP at biscuits and bakery maker Parle Products.
