India's Exports to the US Surge by 22.6% to USD 7 Billion in November

New Delhi: India's merchandise exports to the United States witnessed a substantial increase of 22.61 per cent in November, reaching USD 6.98 billion. This growth comes after two months of decline in export figures, despite the imposition of a hefty 50 per cent tariff on various Indian goods, as reported by the Ministry of Commerce.

The data indicates that imports from the US also saw a rise, growing by 38.29 per cent to USD 5.25 billion during the same month.

Rajesh Agrawal, the Commerce Secretary, commented on the positive export performance, stating, "We have rebounded," highlighting the challenges posed by the high tariffs which are approximately 50 per cent, notably higher than those faced by India's competitors.

"Exporters are managing to maintain their supply chains. There is optimism from both sides that a trade deal will be finalised sooner rather than later," Agrawal added.

From April to November in this fiscal year, India's exports to the US rose by 11.38 per cent, totalling USD 59.04 billion, while imports increased by 13.49 per cent to USD 35.4 billion.

The United States has implemented a significant tariff policy affecting Indian goods since August 27, and discussions are ongoing regarding a bilateral trade agreement aimed at enhancing trade relations between the two nations.

In addition to the US market, India's exports to China, another key trading partner, surged by 90.12 per cent to USD 2.2 billion in November, driven by a notable increase in electronics and engineering products. For the April-November period, exports to China rose by 32.83 per cent, accumulating to USD 12.22 billion.

Specifically, exports of engineering goods saw a remarkable six-fold increase in November, reaching USD 655.83 million, compared to USD 87.65 million in the same month last year.

On the import side, India sourced goods worth USD 10.28 billion from China in November, reflecting an 18.28 per cent increase. Overall, for the first eight months of this fiscal year, imports from China have risen by 12.63 per cent, totalling USD 84.27 billion.

Exports to other countries, including the United Arab Emirates, the United Kingdom, Germany, and Australia, also exhibited positive growth during November. However, exports to the Netherlands, Bangladesh, Singapore, and Saudi Arabia experienced declines.

While imports from several countries, including Russia, Saudi Arabia, and the United Kingdom, decreased in November, there was an uptick in imports from Singapore, Japan, and Thailand, indicating a complex trade scenario for India as it navigates its international trade relationships.