They can't kill what is already dead, said senior executives of India's $4.88 billion shrimp export industry as US senators Bill Cassidy and Cindy Hyde-Smith introduced the India Shrimp Tariff Act to protect Louisiana's shrimp and catfish industries against the allegedly cheaper imports from India.
The exporters pointed out that along with the blanket 50% tax that has been imposed by the US on all imports from India, the shrimp industry has already been paying a countervailing duty of 5.77% and anti-dumping duty of 2.65%.
"We are already dead with the 50% import tax. If the India Shrimp Tariff Act proposes to put additional tax on the 50%, they can't kill us one more time. It can't get worse than this," said a prominent seafood exporter, who did not wish to be identified.
According to the latest government data, India exported 17.81 lakh metric tonnes of seafood, valued at ₹60,523.89 crore (about $7.38 billion), during 2023-24. Frozen shrimp continued to be the most significant item in India's seafood export basket. It earned ₹40,013.54 crore ($4.88 billion), accounting for 40.19% of the total export volume and 66.12% of the total earnings in dollar terms. India exported 7.16 lakh MT of frozen shrimp during the financial year. India is the largest exporter of shrimp to the US, followed by Ecuador.
The industry was afraid that such a move could take place, said the executives. India's shrimp exporters established their presence in the US market over more than a decade by introducing value-added products for consumers.
One of the executives cited earlier said that the senators reportedly think that the bill creates a level-playing field and protects the Louisiana seafood and the jobs associated with it. According to the senators, Indian shrimp was "dumped" on the US market with minimal regulation.
"We are not selling below our cost of production. Our freight costs are very high due to the longer distance. Our labour costs are no longer low," said the exporter.
Senator Hyde-Smith said, "For too long Indian shrimp has been dumped on the US market with minimal penalty or regulation, which has come at the expense of domestic shrimpers, processors, restaurants and consumers. Senator Cassidy's common-sense legislation will help put our domestic industry on a more level playing field, and I will work with him to move this hill forward for the benefit of Gulf Coast shrimpers and everyone who enjoys domestic shrimp."
During a US Senate Finance Committee hearing last week, Cassidy secured a commitment from President Donald Trump's deputy undersecretary of the Treasury nominee Jonathan Greenstein to support Louisiana shrimp producers and oppose "unfair" trade practices "hurting the state's seafood industry".
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The exporters pointed out that along with the blanket 50% tax that has been imposed by the US on all imports from India, the shrimp industry has already been paying a countervailing duty of 5.77% and anti-dumping duty of 2.65%.
"We are already dead with the 50% import tax. If the India Shrimp Tariff Act proposes to put additional tax on the 50%, they can't kill us one more time. It can't get worse than this," said a prominent seafood exporter, who did not wish to be identified.
According to the latest government data, India exported 17.81 lakh metric tonnes of seafood, valued at ₹60,523.89 crore (about $7.38 billion), during 2023-24. Frozen shrimp continued to be the most significant item in India's seafood export basket. It earned ₹40,013.54 crore ($4.88 billion), accounting for 40.19% of the total export volume and 66.12% of the total earnings in dollar terms. India exported 7.16 lakh MT of frozen shrimp during the financial year. India is the largest exporter of shrimp to the US, followed by Ecuador.
The industry was afraid that such a move could take place, said the executives. India's shrimp exporters established their presence in the US market over more than a decade by introducing value-added products for consumers.
One of the executives cited earlier said that the senators reportedly think that the bill creates a level-playing field and protects the Louisiana seafood and the jobs associated with it. According to the senators, Indian shrimp was "dumped" on the US market with minimal regulation.
"We are not selling below our cost of production. Our freight costs are very high due to the longer distance. Our labour costs are no longer low," said the exporter.
Senator Hyde-Smith said, "For too long Indian shrimp has been dumped on the US market with minimal penalty or regulation, which has come at the expense of domestic shrimpers, processors, restaurants and consumers. Senator Cassidy's common-sense legislation will help put our domestic industry on a more level playing field, and I will work with him to move this hill forward for the benefit of Gulf Coast shrimpers and everyone who enjoys domestic shrimp."
During a US Senate Finance Committee hearing last week, Cassidy secured a commitment from President Donald Trump's deputy undersecretary of the Treasury nominee Jonathan Greenstein to support Louisiana shrimp producers and oppose "unfair" trade practices "hurting the state's seafood industry".
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