A naukri.com initiative
Yourstory
1w
119
Image Credit: Yourstory
India's exports to US could decline by $5.76B this year due to high tariffs: GTRI
- India's merchandise exports to the US are expected to decline by $5.76 billion this year due to increased American duties on sectors like marine items, gold, electrical, and electronics.
- The impact analysis by think tank GTRI suggests that India's competitive position in certain product segments could help mitigate some losses.
- Textiles, apparel, ceramic products, inorganic chemicals, and pharmaceuticals sectors may experience modest gains despite the overall decrease in exports.
- The US has imposed additional tariffs, including a 26% duty on Indian goods, affecting various sectors except for pharmaceuticals, semiconductors, and select energy goods.
- In 2024, India exported goods worth $89.81 billion to the US, but the new tariffs are expected to reduce exports by significant percentages in different product categories.
- Product groups such as fish, iron or steel articles, diamonds, gold products, vehicle parts, electrical, telecom, and electronic products could see notable declines.
- High-value items like energy products, pharmaceuticals, and copper have been exempted from country-specific tariffs, but industrial goods like steel and automobiles will face a 25% tariff.
- Electronics and smartphones from India facing a steep duty may result in a 12% decrease in exports to the US, impacting the country's ranking as a major supplier in this category.
- Seafood exports from India could decline by 20.2% due to new tariffs, affecting the country's position as the third-largest seafood supplier to the US.
- Similarly, exports of gold jewellery and cut and polished diamonds, vehicle and auto components are also projected to decrease significantly, impacting India's global trade.
Read Full Article
7 Likes
For uninterrupted reading, download the app