India’s Exports to the US Surge 5.57% to Nearly $60 Billion in 2024-25 Fiscal Year

India’s exports to the United States have seen a notable increase of 5.57%, reaching $59.93 billion in the first nine months of the fiscal year 2024-25 (April-December). This growth is attributed to strong demand from the US market for Indian products, according to government data.

In December alone, exports jumped by 8.49%, totaling $7 billion. On the flip side, India’s imports from the US during the same period rose by 1.91%, amounting to $33.4 billion, with December seeing a higher growth rate of 9.88%, reaching $3.77 billion.

Trade analysts suggest that the positive export trend is likely to continue, driven by increasing demand for Indian goods and the ongoing economic dynamics. The total trade between the two nations during April-December 2024-25 stood at $93.4 billion. By comparison, trade with China during the same period was slightly higher at $94.6 billion.

The United States has been India’s largest trade partner since 2021-22, making up about 18% of India’s total goods exports, over 6% of imports, and approximately 11% of total bilateral trade.

Some experts have expressed concerns over potential challenges in this trade relationship, particularly with the US considering the imposition of higher tariffs on certain Indian products. In 2018, US tariffs on Indian steel and aluminum led to retaliatory measures from India, which imposed higher duties on 29 US goods, balancing out the revenue losses.

Trade experts, such as Ajay Srivastava of the Global Trade Research Initiative (GTRI), have emphasized that India should take a strong and reciprocal approach if additional tariffs are imposed by the US, as previously hinted by former President Donald Trump. Despite these concerns, the overall outlook for trade between the US and India remains optimistic.

(With PTI Inputs)