U.S. tariffs: Indian textile exporters on wait and watch mode
Between January and May this year, the U.S. imported textiles and apparel worth $5.11 billion from India, which is 13% more than the exports for the same period last year.
'We are actively tracking the progress of the latest tariff-related announcements, including their impact on specific sectors, since they concern many countries which are our competitors in the textile and apparel export arena,' said the Confederation of Indian Textile Industry chairman Rakesh Mehra.
'The initial signs in this connection augur well for Indian textile and apparel exporters in terms of being able to expand their access in the U.S. as they would now become more price competitive relative to those from other countries,' he added. The U.S. has imposed a 35% tariff on exports from Bangladesh.
The industry is confident that a mini trade deal between India and the U.S. would be in place soon, the confederation said.
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