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India Explores New Export Markets After US Imposes 50% Duty on Goods
After the US imposed 50% duty on Indian goods, the Government of India is looking for export opportunities in other countries. Singapore is showing interest in marine products while the UAE is focusing on increasing textile exports. However, this will not be able to fully compensate for the loss in the US market.
After the imposition of a 50% duty on Indian goods in the US, the government is rapidly exploring the possibility of exporting goods to other countries in the world. In this sequence, talks have also started with countries like Singapore and the UAE. While Singapore is showing interest in buying items like marine products, fish, and eggs from India, efforts are being made to increase textile exports in the UAE.
However, this type of effort cannot fully compensate for the affected exports in the US market. The purchasing capacity in the US is very high, and in the last financial year, 2024-25, India exported $ 86 billion to the US out of its total merchandise exports of $ 440 billion. Exporters say that they know that the 50% duty imposed by the US is not permanent. Still, we are exploring possibilities in the markets of small countries in collaboration with the government, so that in the future we are not dependent on a few countries for exports.
China has been working in this direction since 2019, which is why, despite the decline in China's exports to the US market, China's total exports are continuously increasing. According to exporters, India exports shrimp and other marine products worth more than two billion dollars to the US annually. At the same time, garments worth more than five billion dollars are exported to the US. According to the Ministry of Commerce, Singapore is very interested in buying Indian marine products and other poultry items.
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Soon, an official decision can be taken with both countries in this direction. Talks are also going on to increase textile exports in the UAE. The UAE is a global trading center from where goods are sent to many countries of the world. Therefore, there is scope for increasing exports in the UAE.
On the other hand, a team from the European Union (EU) is coming to India this week, with whom talks will be held on a trade agreement. Several rounds of talks have been held with the EU regarding the trade agreement, and a trade agreement with the EU may be announced soon.
Exporters say that the impact of the speed of the trade agreement with the EU can also be seen in America. The European Union includes more than two dozen countries, along with rich countries like France, Germany, Italy, and Spain. India has already signed a trade agreement with Britain, which can be implemented from next year.
