Apparel, footwear exports to rise as US hikes tariffs on rival nations: Exporters – OXBIG NEWS NETWORK-OxBig News Network

India’s export sectors such as apparel and footwear are expected to gain a competitive edge in the US market following Washington’s decision to impose higher tariffs on over a dozen countries, including Bangladesh and Thailand, exporters said.

On Monday, the US announced 25 per cent tariffs on Japan, South Korea, Kazakhstan, Malaysia, Tunisia; 30 per cent on South Africa, Bosnia and Herzegovina; 32 per cent on Indonesia; 35 per cent on Bangladesh, Serbia; 36 per cent Cambodia, Thailand; and 40 per cent tariffs on Laos and Myanmar. These duties will come into effect from August 1.

Bangladesh is the third biggest exporter of apparel (not knitted or crocheted) to the US with a market share of 13.15 per cent in 2024. India’s exports to the US in this sector was $2.5 billion but it is not among the top three, according to an analysis by economic think tank GTRI.

“India faces stiff competition from Bangladesh and Vietnam in the US garment market. High duties on Bangladesh will help enhance competitiveness of Indian products in the US market,” an exporter said.