India’s diversification strategy bears fruit! Non-US markets offset some US export losses — Here’s how

The diversification strategy that India adopted after the US imposed a steep 50% tariff on Indian goods, is beginning to yield early gains. With exporters suddenly facing the higher duty, introduced in two phases: 25% from 7 August and doubled to 50% from 25 August, many have turned towards alternative markets across Asia, Europe and the Middle East. Cotton garments Fresh official data for September shows that India’s cotton readymade garment exports to the UAE, France and Japan increased during the month, even as shipments to the US declined by 25% year-on-year. The trend is similar across several categories that have traditionally relied heavily on American demand, ET reported. Marine Marine product exports to the US, for instance, dropped 26.9% in September, but expo