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Shrimp exporters offer cut to escape US dumping review

by 5m Editor
6 July 2006, at 1:00am

INDIA - When hardly a week left for the US department of commerce (USDoC) to announce the mandatory respondent firms for administrative review of the anti-dumping duty on Indian shrimp, 10 more major exporters have gone in for &quot;settlement&quot; with the Southern Shrimp Alliance (SSA) to escape the review. Following Devi Seafoods, which accounts for 8.14% of the shrimp exported to the US during the period of review, leading in breaking rank and entering into an &quot;out-of-court settlement&quot; with the petitioners, 10 more companies are learnt to have struck deals &quot;offering to pay the petitioners a percentage of the export for not pressing the review.&quot; This would enable them to continue trade at the present national average of 10.17% duty and would also let them get back amounts for the customs bonds worth crores. While 103 companies had exported 55,248 tonne of shrimp during the review period of 18 months ended January 2006, 21 companies accounting for over 60% of the export had sought voluntary review of the duty. Of them, 10 accounting for over 32% of the exports have now gone in for the settlement. <i>Source: The Financial Express</i>

5m Editor