New Delhi, Feb 16 (PTI) India’s merchandise exports to the US contracted 21.77 per cent to USD 6.6 billion in January due to high tariffs imposed by America, according to the Commerce Ministry data.
Exports
contracted in September, October and December last year also. However, it rose 22.61 per cent in November.
The US has imposed a sweeping 50 per cent tariff on Indian goods entering American markets from August 27. The two countries have now finalised an interim trade deal, under which the US has removed 25 per cent punitive duties on Indian goods from February 7, while the reciprocal tariffs will be cut down to 18 per cent from 25 per cent.
Imports, on the other hand, from the US grew 23.71 per cent to USD 4.5 billion in January, data showed.
During the April-January period of this fiscal year, the country’s exports to the US increased 5.85 per cent to USD 72.46 billion, while imports rose 13.87 per cent to USD 43.92 billion.
The country’s exports to China grew by 55.65 per cent to USD 1.63 billion, while imports rose 16.67 per cent to USD 12.23 billion.
During the April-January period of this fiscal year, the country’s exports to China increased 38.37 per cent to USD 15.88 billion, while imports rose 13.82 per cent to USD 108.18 billion.
India’s exports to the UAE, Netherland, Germany, Saudi Arabia, Italy, Hong Kong, Spain, Belgium, Malaysia and Vietnam saw positive growth during the month under review.
However, exports to the UK, Bangladesh, Singapore, Australia, France, and Brazil registered negative growth.
On the imports front, inbound shipments in January declined from nations like Russia, Iraq, Korea, Germany, Thailand and Australia.
However, imports rose from the UAE, Saudi Arabia, Switzerland, Singapore, Japan and Indonesia.
India mainly imports gold from Switzerland. The country’s imports from this nation surged 836.85 per cent in January to USD 3.95 billion. PTI RR HVA
