New Delhi, Aug. 31 -- India's shrimp export volumes are expected to decline by 15-18 per cent in the current fiscal year following a sharp hike in US tariffs, which will take the total import duty to 58.26 per cent, effective August 27, according to a report by Crisil Ratings.

The rating agency said that the move will also hit realisations, even as Indian exporters attempt to shift their product mix and explore alternative markets.

The reciprocal tariff imposed by the US stands at 50 per cent, but for shrimp exports, a countervailing duty of 5.77 per cent and an anti-dumping duty of 2.49 per cent were already in place before the recent tariff announcements took effect.

Export revenues, which have remained flat over the past four years,...