Indian seafood exporters surged as much as 11% on Wednesday following media report that China had notified Japan of plans to suspend imports from the country, a move that could shift demand toward alternative suppliers such as India.

Beijing just months ago partially eased restrictions on Japanese seafood. However, the potential renewal on the ban could deal a sharp blow to companies hoping to regain access to a market that once accounted for more than 20% of Japan's seafood exports.

On the flip side, a potential rise in Chinese demand could offer a lifeline to Indian seafood exporters squeezed by steep tariffs imposed by the United States, the country's biggest market, with clients including major retailers such as Walmart and Kroger.

Total seafood exports from India globally stood at

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