Friday, July 19, 2019
News

India's trade outlook fragile due to tension with US: Report

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Tuesday, 2019 1:15:05 AM IST
India's near-term trade outlook is fragile as its retaliatory tariffs on US products come amid a global slowdown, a report said.

Trade deficit remained elevated in May and widened to $15.36 billion from $15.33 billion in April and a comparable $14.62 billion the same month last year.

"The near term outlook for trade looks fragile with President Donald Trump terminating a beneficial trade treatment accorded to India for a developing nation. Also, the recent imposition of retaliatory tariffs by Indian economy to US decision comes at a time when global economic growth rate is projected to slow down.. ," the Centrum report said.

"Both the actions add further woes to India's trade position, that is already struggling against the prevalent headwinds from slowing global demand," it added.

However, Crisil said it believes the withdrawal of benefits under the Generalized System of Preferences (GSP) from June 5, as announced by the US earlier, will have limited impact on India's overall export trade.

"In calendar 2018, India's goods and services trade with the US totalled $142.1 billion of which, exports were $83.2 billion. Within exports, that under GSP is estimated to be 7.5-7.8 per cent, which translates into $260 million of levies saved, tantamount to a 4 per cent duty benefit," Crisil said.

It added that the gems and jewellery sector could be moderately impacted by the withdrawal of GSP, pharmaceuticals and textiles and apparel would be relatively unscathed.

--IANS ravi/sn/vd

( 252 Words)

2019-06-17-19:08:06 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Jio pips Airtel to emerge as second larg...
GoAir appoints new management team to ex...
Equity indices close at 2-month low, aut...
With no respite for FPIs, Sensex nosediv...
IL&FS completes first phase of forensic ...
Police bust sex racket involving Rajnish...
More...
 
INDIA WORLD ASIA
'Q' branch police suppressing activists,...
Women in rural Himachal on path to prosp...
Trigger-happy UP police compel gangsters...
Rajya Sabha passes bills to make India h...
If not Sonia, Congress old guard may wan...
MNM stays away from Vellore LS poll, vot...
More...    
 
 Top Stories
Camera lens worth $13,000 sold for ... 
Global device shipments set to decl... 
Bihar cops seek RSS details: Girira... 
Karantaka Congress moves SC to reco... 
Govinda's dance inspires TV star Vi... 
Happy 40th birthday: Tokyo exhibit ... 
2 former PMs, a president now under... 
Wrestlers stranded without power af...