NEW DELHI: India may get an alternative seafood market to countervail the impact of unilateral tariffs imposed by the US, but it will not receive a fair price for its exports. Analysis indicates that US consumers pay significantly more for Indian seafood, more than double the average price that China and Japan pay per kilogram. Traders are urging economic ministries to finalise a deal with the US before it’s too late.
The US, previously India’s largest seafood market, valued at $7.38 billion (35% of exports), implemented a crushing 59.73% tariff on the Indian seafood sector, which eventually destroyed the seafood industry. As a succour to seafood producers and traders, PM Narendra Modi visited China and Japan after the unilateral tariff imposed by the US to get a market for its premier seafood.
However, data shows that China and Japan alone cannot replace the US in terms of value, even though they are the top importers of seafood from India by volume.
Export data from the Marine Products Export Development Authority (MPEDA) for 2023-24 reveals that India exported 3.29 lakh tonnes of seafood to the US at approximately $7.74 per kilogram, while exports to China reached 4.52 lakh tonnes at around $3.07 per kilogram. Similarly, Japan imported around 1.07 lakh tonnes at around $3.70 per kilogram.