Representative image | Photo credit: Reuters
According to government data, India’s exports increased by 5.57 per cent to $5.93 billion in April-December period this financial year due to healthy demand in the domestic market.
During December, shipments increased by 8.49% to $7 billion, the data showed.
Meanwhile, imports in the first nine months of 2024-25 increased by 1.91% to $33.4 billion, while in December they increased by 9.88% to $3.77 billion.
According to experts, according to this trend, the total trade between the two countries will also continue to grow in the coming months.
Bilateral trade from April to December 2024 was $93.4 billion as against $94.6 billion between India and China.
Experts added that the possibility of a trade war between the US and China will give huge export potential to Indian exporters.
The US will be India’s largest trading partner in 2021-22. The US accounts for about 18% of India’s total merchandise exports, over 6% of its imports, and about 11% of its bilateral trade.
Some experts have raised concerns that if the United States imposes additional duties on certain Indian goods, as threatened by US President Donald Trump, it could impact trade.
In December last year, Trump said India had denounced “many” tariffs and reiterated his intention to impose reciprocal tariffs in retaliation for those imposed by New Delhi on imports of certain American goods. .
“India needs to be firm and level-headed,” said Ajay Srivastava, founder of Economic Think Tank Global Trade Research Initiative (GTRI).
In 2018, when the US imposed taxes on Indian steel and aluminum, India retaliated by raising tariffs on 29 US products and recovered an equivalent amount of revenue.
public – January 26, 2025 03:46 PM IST
