Seek new markets: Govt urges seafood exporters

NEW DELHI: Amid concerns over the US move to impose a 50% tariff on Indian goods significantly impacting the export of India's fisheries, the govt on Monday asked seafood exporters to explore alternative markets for shrimps and other fish varieties.

"We have asked them (exporters) to face the current challenge bravely. There are alternative markets available... Where there is a will, there is a way," Union fisheries and animal husbandry minister Rajiv Ranjan Singh said after a meeting with seafood exporters.

India is currently the leading supplier of frozen shrimps and prawns to the US, with its market share increasing significantly from 24.4% in 2015 to 40.6% in 2024. Since the enhanced tariff will impact India's market share in the US, the country will have to explore alternative markets. The meeting on Monday was held to chart a strategy to expand India's market reach.

The alternative markets identified for the purpose include the UK, European Union (EU), Oman, UAE, South Korea, Russia and China, with there being special focus on South Korea's potential and west Asia's growing demand for Indian seafood.

Emphasising the need for greater value addition and better packaging in gaining new markets, Singh said, "We have asked them (exporters) to work in this direction".