Tariff war opens door for India to emerge as global toy export hub

KOLKATA: As the US-China tariff war intensifies, the Indian toy industry leaders are calling the situation a “golden opportunity” to position India as a major export hub for toys, especially to the United States, a trade body official said on Sunday.

The US recently imposed a steep 145 per cent tariff on toy imports from China a move that could reshape the global toy trade.

China, which previously accounted for nearly 77 per cent of US toy imports, is expected to see a significant drop in exports due to the high tariff, opening up space for alternate suppliers, an official said.

Akshay Binjrajka, President of the Toy Association of India, told PTI that India is well-positioned to fill the emerging vacuum.

“The US toy market, valued at around USD 41.7 billion, offers a massive opportunity for Indian manufacturers,” he said, adding that Indian products can now compete with Chinese offerings on both quality and price.

India’s toy exports have already witnessed a steady rise — from USD 40 million in 2014-15 to an estimated USD 152 million in 2023-24.

More notably, toy imports from China to India have plunged from USD 235 million in FY20 to just USD 41 million in FY24, after India imposed strict control norms on imports and boost in domestic sourcing.