Marine exports to US fall by 23 percent

Wednesday, 03 January 2007, 18:30 IST
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Kochi: Export of marine products grew 6.30 percent to 210,494 tonnes in the first half of current fiscal, but exports to the US dropped by 23.43 percent to 22,329 tonnes in the same April-September 2006 period. According to A.J. Tharakan, president of the Seafood Exporters Association of India (SEAI), the prime reason for the dip in exports to the US was the imposition of 10.17 percent anti dumping duty on frozen shrimp and the customs bond by US authorities. "The bond is like an open ended letter of credit where exporters have to give a bank guarantee to the tune of 10 percent of the total value of exports to the US. "Since the duty is under review there, any change in the structure would mean taking the money in the bond and it is going to sound the death knell for exporters here," said Tharakan. He said this did not augur well for the seafood industry in the country.
Source: IANS