Shares of Avanti Feeds and Apex Frozen Foods declined by 7%-19% during Thursday’s trading session following US President Donald Trump’s announcement of reciprocal tariffs on multiple countries, including India. These companies are notably heavily reliant on exports to the US, with a large portion of their revenues coming from the American market.
Significantly, the US is the largest market, accounting for $2.4 billion of the $5.6 billion in shrimp exported from India. Indian shrimp represent 40% of the market share in the US. A substantial portion of Indian shrimp heading to the US is processed in various Latin American countries, as reported by Moneycontrol.
During his speech last night, Trump presented a chart detailing the tariff rates the US will impose on various nations. In relation to India, the chart indicated that the country imposed a 52% tariff on US goods, citing “currency manipulation and trade barriers,” and the US would now apply “discounted reciprocal tariffs” of 26% on India.
According to a report by CNBC TV18, Avanti Feeds generated 69% of its total revenue from the North American market in the December quarter, a decrease from 82% in the same quarter the previous year. In its investor presentation for the December quarter, Apex Frozen Foods revealed that 52% of its total revenue was derived from the United States.
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