Bangladesh, Cambodia, Indonesia and…, these countries are losing money and business due to US tariffs, India can take advantage by…
According to a report by State Bank of India (SBI), the Indian clothing export can witness a huge rise in the coming months. This can happen because the United States' trade with other countries is not going well due to recently introduced tariffs. The report states that the current share of India in the US' clothing market is 6 percent. If India raises it by 5 percent, it will benefit a lot. The rise has the power to increase the country's GDP by 0.1 percent, which is a notable change. India not only has a stronghold in the chemical sector but also a notable hold in the field of textiles and clothes. India sells clothes and related items to America in large quantities. How Will India Benefit?
In the textile sector, Bangladesh dominates India because of its cheap labour and cloth prices. Apart from Bangladesh, India faces tough competition from Cambodia, Indonesia and Vietnam.
Notably, Vietnam currently pays less tax, which benefits it. The SBI report says that Bangladesh, Cambodia and Indonesia are currently suffering losses due to the fresh tax rules by the US.
If India can capture the share of clothes exports of Bangladesh, Cambodia and Indonesi,a it can sell more clothes than these countries. How Will Other Countries Be Harmed?
As per US's last year's import data, goods that America buys from Bangladesh, Cambodia, and Indonesia are mostly clothes and related items. Bangladesh sends 88.2 percent of its total exports to US. Cambodia sends 30.8 percent and Indonesia sends 15.3 percent clothes. Now these countries are struggling as they have to pay more tax to the US. This scenario has opened an opportunity for India. Exports Can Also Increase In Other Areas
An SBI report suggests India can boost its exports, in agricultural products and animal-based goods, to countries affected by US tax policy changes. The report recommends leveraging this shift in the global trade landscape to strengthen India's export performance in sectors where it already holds a competitive edge.
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