- By Aditya Pratap Singh
- Mon, 27 Jan 2025 09:14 AM (IST)
- Source:PTI
India-US Trade: According to government data, the country's exports grew by 5.57 percent to $59.93 billion during the April-December period of this fiscal year, as domestic goods saw good demand in the US market.
According to the data, exports rose by 8.49 percent to $7 billion in December. On the other hand, imports increased by 1.91 percent to $33.4 billion in the first nine months of the fiscal year 2024-25, while it increased by 9.88 percent to $3.77 billion in December.
According to experts, if we look at this trend, the total trade between the two countries will continue to increase in the coming months. While bilateral trade was $93.4 billion during the April-December period of 2024-25, it was $94.6 billion between India and China.
Experts say that if a trade war breaks out between the US and China, Indian exporters will get immense export opportunities.
The US was India's largest trading partner until 2021-22. The US accounted for about 18 per cent of India's total merchandise exports, over 6 per cent of imports and about 11 per cent of bilateral trade. Some experts have expressed concerns that if the US imposes additional tariffs on some Indian goods, as threatened by US President Donald Trump, it could impact trade.
"India should respond firmly and in equal measure," economic think tank Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.
In December last year, Trump said India would impose "a lot" of tariffs, reiterating his intention to impose reciprocal tariffs in response to New Delhi's tariffs on imports of some American products.
In 2018, when the US imposed tariffs on Indian steel and aluminium, India retaliated by raising tariffs on 29 American products, collecting an equivalent amount of revenue.
(With Inputs From PTI)
