India Explores New Export Markets After US Imposes 50% Duty on Goods

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.