febrero 5, 2020

Chinese companies regret the imposition of 25% tariffs in the US

Chinese companies regret the imposition of 25% tariffs in the US.

To see the impact of US 25% tariffs on Chinese seafood imports, just look at stocks of breaded shrimp. US imports of Chinese goods, previously worth nearly $200 million, have plummeted.

Maggie Wang of Longhua Seafood, based in Fujian province, told Undercurrent News that her company is one of the victims. She used to export 700 containers of breaded shrimp and shrimp trays a year, mainly to the US market, but last year she only shipped 300 containers.

«We’ve lost a lot of business,» Wang told Undercurrent. Although she is selling to other markets, she has not been able to make up the difference.

«We’ve done our best to keep some of that export business in the US by focusing on quality. Some buyers try to source from other countries, but they can’t find the same quality products. But for many customers, tariffs do. too expensive».

To recoup part of the losses, the company is striving to grow in the Chinese market. Breaded shrimp are among its new range of products aimed at China.

Last year it sold 60 containers in China, two years after its first domestic sale. It mostly sells to restaurant chains like HaiDiLao.

As for the US market, Wang does not have high hopes. Last year, the United States imported 5,178 metric tons of breaded shrimp from China, down 83% from 2018, the last year before the tariff, according to data from the National Oceanic and Atmospheric Administration (NOAA). In value terms, the US imported $30 million worth of Chinese breaded shrimp in 2022, down 83%.

According to NOAA data, the United States imported 65,770 tons of foreign breaded shrimp in 2022, 209% more than in 2018. The value of foreign imports of the product grew to $537 million, 201% more than in 2018.

Source: Underrent news / March 11, 2023

In this article:
To see the impact of US 25% tariffs on Chinese seafood imports, just look at stocks of breaded shrimp. US imports of Chinese goods, previously worth nearly $200 million, have plummeted.
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