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Trump victory raises optimism in India's chemicals, textiles sectors
Industry News- Nov 08,24
According to Chemexcil, India’s chemical exports to the U.S. reached $2.86 billion in 2023-24, though this marked a 26% decrease from the previous year.
The chemicals and textiles industries in Gujarat are anticipating an export boost following Donald Trump's win in the U.S. presidential election. Industry experts suggest that the Trump administration may reduce imports from China, potentially opening up more opportunities for Indian exporters.
The strengthening U.S. dollar is expected to enhance competitiveness in global markets, giving India a greater share in chemicals and textiles exports. According to Chemexcil, India’s chemical exports to the U.S. reached $2.86 billion in 2023-24, though this marked a 26% decrease from the previous year. Despite concerns about increased duties under Trump's "America First" policies, leaders see a potential advantage for India over China.
Ankit Patel, Chairman- Northern Region, Chemexcil, noted Gujarat’s dominance in dyes manufacturing, which has the U.S. as its largest market. He expressed optimism that Trump’s policies will favor imports from India over China, benefiting Gujarat’s chemical industry and fostering technology transfers from U.S. firms.
The textile sector also expects gains, particularly in home textiles, with many U.S. companies likely to invest in India. Rahul Shah, Co-chairman, Gujarat Chamber of Commerce and Industry’s Textile Taskforce, remarked that India’s textile exports stand to benefit as U.S. companies pivot from China. A local exporter added that a stronger dollar will further increase India’s competitiveness in these industries, potentially expanding its global market share.
(ET)
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