Copyright © HT Digital Streams Limit all rights reserved. The FY24 industry in 2023 made $ 250 million of India’s $ 648 million to toy, game and sports exports. Summary The US tariff earnings disrupt the long -established trading flow, which handles China for a while, while India gives a window of opportunities. But to take advantage of this shift, Indian manufacturers need to increase production, increase quality and navigate worldwide competition. New Delhi: A global stir in the toy trade is underway, and India may have only gained an unexpected benefit. Washington has slapped a 26% reciprocal rate on Indian goods, referring to what he believes is an average rate of 52% on US imports to India. Although it presents a new challenge for Indian exporters, it comes with a much steeper blow to China and Thailand, two of the world’s largest toy manufacturers. Read it | Trump’s tariff strike: India hit 26% in duty, as the trade war increases as the world’s largest toy importer, the US accounts for more than 30% of global demand, while China alone provides almost two-thirds of it. But the latest tariff adjustment threatens to weaken China’s dominance and create an opening for emerging players like India, according to trade analysts. While challenges remain, industry leaders consider it a chance to increase exports and strengthen India’s position in the global toy supply chain. Under the US tariff plan, China – the primary target – now has a reciprocal rate of 34%, above -of -the -earlier 20% tax, which yielded the total at 54%. Meanwhile, Thailand will face a 36% tariff. According to the Indian Brand Equity Foundation (IBEF), according to the Indian Brand Equity Foundation (IBEF), according to the Indian Brand Equity Foundation (IBEF), according to the Indian Brand Equity Foundation (IBEF), according to the Indian Brand Equity Foundation (IBEF), (Ibef). In FY24, India’s toy exports amounted to $ 152.34 million, slightly lower than $ 153.89 million the previous year, according to data from the Ministry of Trade. Nevertheless, the US remained a key market, which in 2023 was $ 250 million of India’s $ 648 million in toy, spelling and sports exports. According to market research firm Statista, the US toy market is very dependent on imports, with shipping of China alone of $ 33 billion in 2023. Ajay Aggarwal, president of the Toy Association of India (Tai) and owner of Ankit Toys, see both an opportunity and a challenge. “Earlier, toys were exported to the US without any tariff, but now our exporters will have to pay a 26% duty to send their consignments there,” he said. “Since the duty on China and Thailand is higher than on India, it is indeed an opportunity for us. We will generally sit down, analyze the situation and work out a strategy to increase our trade with the US,” Aggarwal added. Read it | However, Trump’s reciprocal rates: India bumps for economic ripples, but to meet international demand remains an obstacle. Indian toy manufacturers should face problems associated with production capacity, quality compliance and brand. The sector has been boosted from the “Make in India” initiative, which spurs domestic production and limits low quality imports. Despite these policy efforts, industry leaders argue that trade negotiations with the US could further improve India’s export potential. “India’s US toy imports are negligible. It creates a compelling case for a bilateral tariff reduction. If US rates lower Indian toys, it won’t harm domestic interests, but a major export opportunity could unlock,” Polf added. Even a small part of the lost US market in China could significantly increase India’s economic ecosystem, which generates work and strengthening work and strengthening domestic production, Polf further noted. The Indian government, meanwhile, has set up the national toys action plan aimed at positioning the country as a global manufacturing center. “The scheme will focus on the development of groups, skills and a manufacturing ecosystem to create high quality, innovative and sustainable toys under the ‘Made in India’ brand, Finance Minister Nirmala Sitharaman said the announcement of the scheme. National Action Plan for Toys (NAPT), which was launched in 2020. (QCOs) enforced to limit low -quality imports and have increased customs duties on foreign -manufactured toys to promote local production. Catch all the industry news, bank news and updates on live currency. Download the Mint News app to get daily market updates. More topics #trade #donald Trump #Genitstate Mint Specials
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