(Reuters) – Indian shrimp exporter Coastal Corporation said on Wednesday most of its U.S. buyers were willing to absorb the higher costs stemming from the new tariffs, but added it was also exploring increasing exports to China, Russia and Canada.
U.S President Donald Trump a 26% reciprocal tariff on India last week as part of sweeping duties imposed on countries across the world, stoking worries about the impact to trade and economic growth and sending stock markets into a tailspin.
“Our ongoing discussions with U.S. buyers suggest that the majority are willing to absorb the increased cost, ensuring continued demand and minimising potential disruption in the near term,” Coastal Corp said in a statement.
The company, which also exports to regions such as Europe, Japan and South Korea, is now looking to expand its export base to China, Russia and Canada as well to reduce its reliance on a single geography.
The U.S. was the company’s biggest buyer of shrimp in fiscal 2024, according to Costal Corp’s latest annual report.
The world’s largest economy also accounts for two-thirds of India’s $7.4 billion worth of seafood shipments in fiscal 2024, data from the Marine Products Export Development Authority showed.
Coastal Corp’s shares have dropped about 14% since Trump announced tariffs of 26% on India last Wednesday. Peers Apex Frozen Foods and Avanti Feeds have declined 6.5% and 13.4%, respectively.
Coastal Corp, which has a market capitalisation of $27 million, clocked around $50 million in revenue last year, up about 23% from a year earlier.
($1 = 86.5060 Indian rupees)
(Reporting by Shivani Tanna in Bengaluru; Editing by Janane Venkatraman)
