Summary:

India’s exports to the US reached a record Rs. 94,898 crore (US$ 11.2 billion) in March, over 50% higher than the 12-month average. Total bilateral trade amounted to Rs. 1,27,095 crore. The spike occurred during a 90-day tariff hiatus. In Q1 FY25, India exported goods worth Rs. 2,34,702 crore, resulting in a US trade deficit of Rs. 1,45,736 crore.

In 2024, India - US goods trade rose to Rs. 10,94,712 crore (US$ 129.2 billion), up from Rs. 10,51,499 crore (US$ 124.1 billion) in 2023. This growth reflects a broader trend of increased US imports ahead of planned tariff hikes. A 90-day suspension of reciprocal tariffs, including a 26% duty on Indian goods, has opened the door for negotiations. India has proposed zero tariffs on selected commodities under specific quotas, potentially positioning itself as the first country to finalize a new trade agreement with the US.

Source: IBEF

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