Shrimp exporters tumble on concerns over US tariff bill

Shares of shrimp exporters came under pressure after US lawmakers introduced the India Shrimp Tariff Act in Congress, raising concerns about export prospects.

Coastal Corporation slipped 5.45%, Avanti Feeds dropped 2.62%, and Apex Frozen Foods fell 1.83% as investors worried about the impact of potential trade barriers on margins of export-oriented shrimp feed and processing companies.

The bill, introduced by Senators Bill Cassidy and Cindy Hyde-Smith, seeks to counter what they termed as the dumping of Indian shrimp into US markets, which they argue has hurt Louisiana?s shrimp and catfish industries. Cassidy said the measure would ?level the playing field? and protect seafood jobs in his state, while Hyde-Smith noted that unchecked imports have damaged domestic shrimpers, processors, and consumers.

If passed, the legislation could significantly affect Indian shrimp exporters, who already face rising headwinds. Andhra Pradesh Chief Minister N Chandrababu Naidu recently estimated that tariffs imposed by US President Donald Trump may have caused losses of Rs 25,000 crore to the sector, with nearly half of export orders reportedly facing cancellations. He has urged the Centre to extend support to Andhra Pradesh?s aquaculture industry, which is heavily dependent on overseas demand.

Powered by Capital Market - Live News