Indian seafood exporters gain after Beijing blocks imports from Tokyo – Firstpost

Indian seafood stocks rose as much as 11% on Wednesday after media reports said China had informed Japan of its intention to halt seafood imports, a development that could redirect demand to suppliers like India.

Such a change could prove beneficial for Indian seafood exporters, who are under pressure due to US tariffs. The United States remains India’s largest seafood market, supplying to major retail chains including Walmart and Kroger.

India’s total seafood exports reached $7.4 billion last year, of which shrimp contributed 40%.

According to equity research analyst Vincent K Andrews, with higher tariffs hurting outbound shipments, exporters are looking for new markets. geojit financial Services. He said the prospect of any new demand would be encouraging for the industry.

Shares of shrimp exporter Avanti Feeds rose 11%, their biggest intraday gain in more than two months, to top the list of performers.

Coastal Corporation, which said in April it planned to increase exports to China, rose 5%, its most since Oct. 24.

China-Tension deepens in Japan amid diplomatic dispute

Chinese authorities are expected to block imports of Japanese seafood, Tokyo-based media outlets reported on Wednesday, as tensions escalate over Taiwan-related comments. Neither Beijing nor Tokyo has officially acknowledged such a decision.

The two countries are embroiled in their most serious diplomatic dispute since 2012, following comments made by the newly appointed prime minister on November 7. sane TakaichiWho indicated that Japan might consider military involvement if Taiwan was attacked.

Beijing, which considers Taiwan part of its territory, reacted strongly, summoning Japan’s ambassador and issuing an advisory urging Chinese citizens to avoid traveling to Japan.

Chinese state media also reported that the release of at least two Japanese films in China would be delayed.

Reports of the seafood import suspension came from Japanese outlets, including public broadcaster NHK, which cited unnamed government officials.

According to NHK, China justified the possible ban as a precaution related to monitoring the discharge of treated waste water from the damaged Fukushima nuclear plant.

China recently resumed limited imports of Japanese marine products after previous restrictions were imposed when the Fukushima water release process begins in 2023.

with inputs from agencies