India shifts exports away from US after tariff hike
With the US hiking tariffs on Indian goods to 50% in August, India isn't just waiting around.
Instead, it's shifting its exports away from the US—especially in textiles, seafood, gems, rice, tea, carpets and leather—and finding strong demand for cotton readymade garments in places like the UAE, France and Japan.
Basmati rice exports to Iran shot up 6 times
The US usually buys about a fifth of everything India exports. But after the tariff jump, sales to America dropped by up to 25% for key products.
The flip side? Basmati rice exports to Iran shot up six times, seafood shipments to Vietnam rose above 60% and carpets found new fans in Canada and Sweden.
India is targeting 40 new countries for exports
India's not putting all its eggs in one basket anymore. The government is supported by free trade agreements and offering incentives to boost exports worldwide—targeting 40 new countries for everything from clothes to handicrafts.
Experts say staying competitive is crucial since the US still matters a lot for Indian exporters.