India worried about Chinese 'dumping' as trade tensions with Trump escalate
Summary
Cheap Chinese imports of viscose yarn are affecting the textile industry in India. Many Indian spinning mills have slowed production due to a drop in orders. This comes as Chinese manufacturers look for new markets after facing tariffs on exports to the US.Key Facts
- The demand for Indian-made viscose yarn, used for woven garments, has dropped by around 40% in the last month.
- Chinese viscose yarn has become cheaper and is being imported into India in large amounts.
- This is a result of new tariffs in the US that have forced Chinese manufacturers to search for other markets.
- India's local yarn industry is struggling because they can't match the low prices of the Chinese product.
- China says it won't dump products in India and plans to buy high-quality Indian products.
- Concerns about Chinese 'dumping', or the practice of selling products abroad at cheaper prices, extend to other sectors in India.
- Due to its dependence on Chinese goods, including raw materials and intermediate products, India's trade deficit with China is about $100bn.
- The Indian trade ministry is checking the flow of cheap Chinese goods, and India has put a 12% tax on some steel imports to prevent an increase in cheap shipments from China.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
