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In April-July, shipments to the U.S. rose to $33.53 billion, up 21.64% year-on-year, from $27.57 billion a year ago, while imports from U.S. rose to $17.41 billion compared to $15.50 billion a year ago, the government data released on Thursday showed.
Trump last week imposed an additional 25% tariff on Indian goods due to Delhi’s continued purchase of Russian oil, bringing the total levies on Indian exports to 50% – among the highest of any U.S. trading partner. Import shipments to the United States may have peaked in July after retailers raced to bring in goods from China and elsewhere to avoid potentially hefty tariffs on holiday-related products, Reuters reported, citing logistics executives.
India’s goods exports rose to $37.24 billion in July, up from $35.14 billion in June, while imports rose to $64.59 billion, up from $53.92 billion in the previous month, the data showed.
The trade deficit stood at $27.35 billion in July, higher than economists’ expectations of $20.35 billion, and against $18.78 billion in the previous month.
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The trade deficit hit a record $37.8 billion November 2024.
Despite global uncertainty, officials said merchandise and services exports had gone up in July, driven by engineering, electronics and jewellery among other products.