- November 9, 2023
- Posted by: admin
- Category: Daily News
- According to a BCG report, US goods imports from China declined by 10% from 2018 through 2022 in inflation-adjusted terms, while those from India rose by 44%, 18% from Mexico and 65% from the 10 ASEAN member states.
- India has emerged as one of the winners in global manufacturing over the past five years, with its exports to the US surging by $23 billion, a 44% increase from 2018 to 2022, while China experienced a 10% decline in exports to the US during this period.
- Indian products are also gaining increased presence in consumer retail in the US. Walmart, America’s biggest retailer, is increasing its sourcing from India.
- A key factor is India’s advantage in direct manufacturing costs. The average landed cost of India-origin imports into the US is 15% lower than domestically-manufactured goods. The equivalent savings from China-origin imports is only 4%.