Latest News | Duty Concessions May Push Up Chemical Exports to UK to USD 650-700 Mn in FY26

New Delhi, Jul 24 (PTI) India's chemical exports to the UK is likely to increase to USD 650-750 million this fiscal year with the help of duty concessions provided in the free trade agreement (FTA), a senior commerce ministry official said.

The duties on chemical products will be zero now, from up to 8 per cent earlier.

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"While current chemical exports to the UK stand at USD 570.32 million (about 2 per cent of India's global chemical exports), the FTA is set to unleash a new era of growth.

"The FTA is anticipated to trigger a dramatic 30-40 per cent increase in India's chemical exports to the UK, propelling figures to an estimated USD 650-750 million in the upcoming fiscal year 2025-26," the official said.

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In chemicals and allied products, India exports over USD 40.52 billion globally, against the UK's imports of USD 35.11 billion.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)