Anticipated Import Duty on Indian Shrimps in USA May Lead to Price Reductions

In 2023, the Indian shrimp industry faced low demand and experienced falling prices globally due to a drop in global demand. Several processing factories in the Orissa region had already shut down during the year as exporters recorded declining revenues. Furthermore, the United States (US) had planned to impose a 10% import duty on Indian shrimp starting in 2024, doubling the worries of exporters. Despite ongoing low production levels, the price situation had yet to improve. If the proposed US import duty were to be implemented, it was likely to bring prices further down.