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US tariff hike on China may increase textile export by 25%

Date: 23-05-2019
Subject: US tariff hike on China may increase textile export by 25%
Surat: Textile exporters in Surat, the country’s largest man-made fabric (MMF) sector, are upbeat over the ongoing trade war between the US and China, as they forsee a major advantage of increase in fabric and readymade garment exports to the US following imposition of import duty by America on Chinese products. The Synthetic and Rayon Export Promotion Council (SRTEPC) has even predicted around 25% growth in the textile exports in 2019-20 from this political turn. Chairman of SRTEPC, Narain Agarwal told TOI , “There is an ample opportunity for the Indian textile companies to grow and increase the share of textile exports to the US in the next year.” 

The US has hiked tariff on $200 billion imports from China to 25 per cent with effect from May 10, 2019, including on textile related chapters 50-60. An analysis reveals that this hike will put India at an advantageous position. “India is the largest exporter of MMF textiles to US. In comparison to China, the imports of textile products from India stood at $1.71 billion in 2018. In 2018, it is expected to cross $2.2 billion,” Agarwal added. 

Amid the enthusiasm, exporters are worried that in order to offset loss, the Chinese textile manufacturers may dump cheap goods in India creating problems for the indigenous manufacturers. They believe that the hike is likely to create a reverse impact on local Indian businesses. 

Textile exporter and chairman of Pratibha Textile group, Pramod Agarwal told TOI that he apprehends a reverse impact from the tariff hike on China. “It’s going to affect both ways — rise in export of fabrics and garments from India to US, but also India becoming a Chinese manufacturers’ dumping yard.” 

The new government in the Centre must frame a policy to safeguard the Indian textile manufacturers against the Chinese onslaught, asserted the SRTEPC chairman, adding that it should also introduce major hike in the anti-dumping duties to protect indigenous manufacturers. 

Source: timesofindia.indiatimes.com

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