The shrimp industry, a beloved staple of the Thai economy, is under fire from the US Department of Commerce, which is looking to impose $4.2 billion in duties on imports of the tasty crustacean.
Along with Thailand, a number of other countries including China, India, Malaysia and Indonesia are all facing penalties for “dumping” underpriced shrimp in the US market at the expense of local producers. The nations in question face accusations of using government subsidies to help give their industries an unfair trade advantage.
Thailand, which supplies roughly one quarter of the overall US market for shrimp, stands to lose the most from the impending investigation. Last year alone, Thai shrimps sales to the US were estimated at USD973 million according to data released by the Commerical Affairs Division of the Thailand Royal Embassy in Washington DC.
As reported in the Bangkok Post, the shrimp trade has long been a point of contention between the US and a handful of developing nations. The US International Trade Commission imposed duties on the sale of underpriced shrimp as recently as 2011.
Preliminary findings from the investigation are set to be released on March 25, with a final determination due by June 6.
Shrimp is the most popular type of seafood in the United States where over 100 billion pounds of the stuff is consumed annually.
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Correction: An earlier version of this story said that Thai shrimp sales to the US were valued at USD973 billion per year. The correct number is USD973 million. We apologize.
