Apparel exporters eye UK, EU to soften tariff blow
new delhi, Aug. 11 -- Indian textile and apparel exporters are redrawing their global playbooks as a sudden US tariff hike threatens a market that comprises a major share of their shipments. Big names like the Raymond Group, Gokaldas Exports and Pearl Global Industries Ltd (PGIL) are pivoting towards the UK and the European Union (EU), and are looking to leverage upcoming free trade agreements (FTAs) with other markets to soften the blow.
The latest punitive move of the US-doubling duties on Indian goods, including garments to 50%-has upended cost structures in a price-sensitive sector that competes with Bangladesh and Vietnam that have lower tariffs than India.
Companies are now diversifying buyers, shifting production to lower tariff hubs...
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