GSP roll-back: Exports of goods under tariff system to US up 32 pc

Exports of Indian goods, which were enjoying benefits under the preferential tariff system GSP, to the US registered a growth of 32 per cent in June, according to Trade Promotion Council of India (TPCI). 

 

The US rolled back export benefits to over 1,900 Indian goods from June 5. These incentives were provided by America under its Generalised System of Preference (GSP) programme. 

 

Citing the data from the United States International Trade Commission (USITC), it said the Indian exports to the US of those goods which were getting GSP benefits stood at USD 657.42 million in June as compared to USD 495.67 million in the same period last year. 

 

India's exports to the US on GSP withdrawn products has registered 32 per cent growth in June 2019 as compared to the same month last year," TPCI Chairman Mohit Singla said in a statement. 

 

This is a very interesting trend as out of USD 190 million value of GSP benefit claimed earlier, the growth has already covered USD 161.74 million, month on month for June 2019 compared to last year, leaving a thin margin of US USD 28.26 million only, he said. 

 

The major products which have shown increase in exports include plastics rubber, base metals (aluminum), machines and equipments, transport equipment, hides and leather, Pearls and precious stones.