India Expands Export Markets to 50 Countries to Offset US Tariff Impact

In response to the US imposing steep tariffs of up to 50% on Indian goods, the Indian government has prioritized diversifying its export markets by targeting 50 countries across regions such as the Middle East, Africa, Latin America, and Europe, which together represent nearly 90% of India's exports. The strategy aims to redirect affected products, including textiles, seafood, gems, jewelry, engineering goods, and petroleum products, to alternative markets to reduce dependency on the US, which remains India's largest single-country export destination. The tariffs, announced by US President Donald Trump due to India's continued purchase of Russian oil, threaten significant disruption to key labor-intensive sectors and have raised concerns about competitiveness against countries like Turkey, Vietnam, and Thailand that face lower US tariffs. Industry representatives warn of severe impacts, especially on the gem and jewelry sector, with the US accounting for about 30% of its global trade. Economists and industry bodies have called for immediate and medium-term measures to protect exporters and improve manufacturing competitiveness, while the commerce ministry is coordinating with export promotion bodies to implement product-specific export facilitation and tailored support schemes. This shift in India’s export policy reflects broader trade tensions and the urgent need to mitigate risks from the escalating US tariffs.