Crisil alerts government to watch imports amid US tariff hikes on Chinese goods
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Crisil warns of potential import surges following US tariff hikes on Chinese goods, affecting India's trade dynamics. The widening trade deficit prompts vigilance, with a focus on foreign-trade agreements to boost exports. The government needs to monitor imports, especially since the US has announced tariff hikes on Chinese imports, which could potentially lead to some dumping by China in the larger market, including India. The fiscal year started on a good note, with positive growth in merchandise exports in the first quarter. However, the overall export growth eased to 2.6% YoY in June, while merchandise imports grew at a faster pace of 7.7%. This imbalance has resulted in a widened trade deficit of $62.44 billion. The government's increased focus on foreign-trade agreements (FTA) should provide a thrust to exports. The surplus in services trade and robust remittances flow suggests the current account is expected to remain in a safe zone.
#Imports #UsTariffHikes #ChineseGoods #TradeDeficit #Exports #ForeigntradeAgreements
https://m.economictimes.com/news/economy/foreign-trade/crisil-alerts-government-to-watch-imports-amid-us-tariff-hikes-on-chinese-goods/articleshow/111810341.cms
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