Carpet makers expect recovery after India-US trade pact

NEW DELHI: The focus has been on shrimps and textiles, but Indian carpets and rugs have seen a bruising year with exports slipping nearly 9% to $735 million between April and Nov. Lowering of tariffs is expected to come as a boost for the highly-labour intensive sector.While overall exports are down 4% to $1.3 billion during the first eight months of the fiscal year, the sheer weight of the American market has been enough to upset the cart for Indian players.Exports to the UK and UAE are up, but all the other markets add up to less than what is shipped to the US by Indian companies concentrated in centres around Varanasi and in Jammu & Kashmir.Over the last few months, India’s exports to the US had fallen 32% in Sept, followed by a 22% decline in Oct and 9% drop in Nov, commerce department data showed.When it comes to carpets and floor coverings, China is the world’s largest player, according to data on the World Integrated Trade Solutions website. But India’s main competitor is Türkiye that had enjoyed a tariff advantage over the last few months when the US slapped a hefty 50% tariff.