India's Oct shrimp exports grow despite US tariffs, driven by alternative markets

Indian vannamei shrimp exports increased 10% month over month and 7% year over year to 52,115 metric tons in October, data from the Ministry of Commerce showed Dec. 17.

The shrimp exports displayed an uptrend for the second consecutive month following the US imposition of 50% tariff on Indian imports. Indian vannamei exports in August had declined 27% month over month and 5% year over year due to the US tariff imposition. The US is India's biggest export market for vannamei shrimp.

Platts, part of S&P Global Energy, assessed peeled, deveined, tail-on shrimp FCA India, 31-40 count/lb, at $7,275/mt on Dec. 17. The marker averaged $6,912/mt in October, up $113/mt month over month.

The increase in exports was driven by non-US markets like China, Vietnam and Belgium, among others. Indian exporters have been diversifying their markets and products to reduce the industry's reliance on the US.

Although exports to the US declined 31% year over year, they increased 23% month over month to 15,071 mt in October.

Despite the higher tariffs, shipments under existing contracts continued to the US on renegotiated prices, a Visakhapatnam-based exporter said. The US market relies on Indian supply in the peeled shrimp category, the source added.

China was India's second-biggest export market and vannamei exports to the country increased 26% month over month and 15% year over year to 10,440 mt in October, the ministry data showed.

Vannamei exports to Vietnam surged 83% year over year to 5,870 mt in October.

Vietnam is a reexport market and Vietnamese processors are capitalizing on its competitive tariffs to reprocess and export Indian shrimp to destinations, such as the US and the EU, participants said.

Belgium emerged as the fourth-largest market for Indian vannamei. Exports to the European country more than doubled year over year to 4,189 mt in October.

Black tiger shrimp exports increased 25% year over year but were down 10% month over month to 10,361 mt in October, the data showed.

China was India's biggest market for black tiger shrimp, with a share of 53% of the total exports in October. Exports to China increased 40% year over year to 5,452 mt.

August-September is the main harvest season for black tiger shrimp in India, while China and Japan are the two main markets for Indian black tiger shrimp. Black tiger shrimp commands a premium over vannamei shrimp because of its superior quality and larger size.

India's total frozen shrimp (HS Code: 030617) exports during January-October, including vannamei, black tiger and other species, increased 9% year over year to 594,685 mt. The volumes have reached a five-year high and market participants anticipate record exports in 2025.