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India’s exports rose by 5.57% to $59.93 billion during April-December this fiscal on account of healthy demand in the American market for domestic goods, according to government data.
During December, the shipments increased by 8.49% to $7 billion, the data showed.
On the other hand, imports during the first nine months of 2024-25 grew by 1.91% to $33.4 billion, while in December it was up by 9.88% to $3.77 billion.
According to experts, going by the trend, the total trade between the two countries will continue to grow in the coming months also.
The bilateral trade during April-December 2024-25 stood at $93.4 billion, as against $94.6 billion between India and China.
The experts added that the possible trade war between the U.S. and China will give huge export potential for Indian exporters.
The U.S. is the largest trading partner of India from 2021-22. The U.S. accounts for about 18% of India’s total goods exports and over 6% in imports and about 11 per cent in bilateral trade.
Some experts raised concerns that if the U.S. would impose additional duties on certain Indian goods, as threatened by U.S. President Donald Trump, it can impact trade.
In December last year, Mr. Trump had said India charges “a lot” of tariffs, reiterating his intention to impose reciprocal tariffs in retaliation for what New Delhi will impose on the import of certain American products.
“India should respond firmly and in equal measure,” economic think tank Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.
In 2018, when the U.S. taxed Indian steel and aluminium, India retaliated by raising tariffs on 29 U.S. products, recovering equivalent revenue.
Published – January 26, 2025 03:46 pm IST
