Exporters hope to offset US losses
New Delhi: Indian garment makers, whose products often lost out to cheaper goods from Bangladesh, can now hope to gain some shelf space in London stores, thanks to a 10% duty cut under the trade deal with the UK."It will create infinite possibilities for the labour-intensive apparel sector by reducing trade barriers, fostering greater market access and boosting employment generation, besides providing a level-playing field vis-a-vis competing countries like Bangladesh and Vietnam. The trade deal will further strengthen India's position as a global textiles and apparel sourcing hub," said Apparel Export Promotion Council secretary general Mithileshwar Thakur.The UK was the second largest market for Indian apparel, which were valued at $1.4 billion in 2024-25. It also means more investments in creating capacity to take over business from Bangladesh, given that Indian manufacturers lack scale - an area where the govt needs to move quickly.But, Tuesday's announcement of the India-UK trade agreement has suddenly got Indian businesses excited at a time when they were counting their losses due to tariff-related uncertainty caused by US President Donald Trump.For instance, more Indian frozen prawns can now make it to British supermarkets, offsetting the losses in American stores."With zero tariffs, we can hope to increase our exports to around $2.5 billion over the next one-and-a-half or two years. It will help us fill up some of the gap caused by the US actions," said Kirit Bhansali, chairman of the Gems & Jewellery Export Promotion Council. Indian exporters shipped $400 million worth of gems & jewellery to the UK.Most exporters are, however, unable to make detailed estimations since the govt has not made public the complete schedule of tariff cuts and has only mentioned the broad categories.Zero duty access for wood and wood products and the furniture sector is also seen to be a boon for Indian makers, who are grappling with much bigger Chinese rivals both in domestic and export markets. Several farm products, including fruits and vegetables, as well as industrial products, are also likely to get more favourable access, thanks to govt getting the UK to address non-tariff barriers.
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