Over 5 percent of the total exports to the US, the European Union (EU) and the Asian countries of China, Indonesia, Vietnam and India faced higher tariffs in 2023 than a decade ago, according to a Moneycontrol analysis.
Of the goods worth $772 billion facing higher tariffs, China had nearly a third share, as products worth $250 billion entering the Eastern Asian nation faced higher tariffs. Another quarter was accounted for by the US, which taxed $150 billion of merchandise trade at a higher rate.
As a proportion of total imports, India was the worst performer as far as tariff increases were concerned, with 19.4 percent of total imports entering the country facing higher tariffs than a decade ago. For China and the US, this figure was 9.8 percent and 5.9 percent, respectively.
In Vietnam and Indonesia, 10.7 percent and 12 percent of goods entering the country faced higher tariffs.
An earlier analysis by Moneycontrol had found that not just India, Vietnam and Indonesia had also turned more protectionist, as they increased tariffs on more goods than they reduced over the last decade (2013-2023). On the other hand, China, the US and the EU had raised tariffs on fewer goods.
Analysis shows that there is little commonality between the goods that faced higher levies. Of the over 2,000 goods which faced higher tariffs by these countries, India, Indonesia and Vietnam had just 42 categories in common. Palm oil was the only commodity which faced higher tariffs in all Asian countries.
US, India, China and Europe had just one item -- liquid crystal devices -- in common, which faced increased tariffs. US and China had four items in common facing higher tariffs.
Energy, metals and machinery expensive
Energy, metals and machinery account for the highest value of tariffed goods. In terms of the value of imports, 31 percent of the nearly $800 billion of imports that faced higher tariffs over the last decade were fuels like petroleum and coal, with machinery and electronics and metals having 19 and 13.5 percent, respectively.
While 90 percent of exports to the US which faced higher tariffs belonged to the petroleum category, stone and glass products were the highest value category, accounting for $49 billion of $130 billion of trade that faced higher tariffs from India.
China’s tariffs were more focused on metals, as they accounted for 30.6 percent of tariffed goods entering the country.
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