KOCHI, India: The loss of marine life in the Gulf of Mexico after the disastrous BP oil spill has become a business bonanza for India prawn and shrimp farms. Seafood exports to the US have seen an unexpected growth in the first five months of the current fiscal.
Seafood shipped to the US has seen a 60% increase in the April to August period this year. In dollar terms, the increase during this period was close to 68%. Mr Abdul Karim, managing director of Chennai-based Welcome Fisheries, told ET that “due to the low fishing activity in the Gulf of Mexico, there is a shortage of seafood products in US.” He said that almost all major exporters to the US have shipped larger volumes this year.
Seafood exports from the country to the US were on the decline following the anti-dumping duty imposed by US Department of Commerce on shrimp exporters from six countries including India. The US was the largest importer of Indian seafood in the middle of this decade but moved to the fourth rank in the list of India’s seafood trading partners by 2009-10.
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