Because of the fact that the developing fetus has the mother's liver to filter waste products and also because the liver is not actively producing (at least not in great quantities) digestive and other enzymes in utero so therefore it does not have the metabolic demands it has after birth.
Remember, the umbilical vein carries oxygenated blood into the baby, into the ductus venosus, and one third goes through the lower trunk and extremites. The remaining roughly 2/3 of the blood is shunted past the liver by the ductus venosus, into the inferior vena cava, mixing with the deoxygenated blood coming back to the heart from the lower body and enters the right atrium.