The overall goods exports of India increased by 19 percent in November on an annual basis, exchange by $38.13 billion, with a significant rise in trade between the country and the U.S.
The merchandise goods trade deficit of India, which reached a record high of about $41.7 billion in October, dropped to $24.5 billion in November, surpassing a Reuters poll forecast of $32 billion.
India increased its exports to the U.S. by 22.6 percent to $6.98 billion in November, an even better figure than its exports of $6.31 billion in the previous month.
However, India’s exports to the U.S. fell by 8.6 percent in October and 11.9 percent in September. The exports of goods and services in India increased by 15.52 percent to $73.99 billion in November.
Electronics, gems and jewelry, engineering goods, and even readymade textiles exports recorded an improvement in November compared to the previous year.
The U.S. added another 25 percent tariff on Indian imports in August, to a total of up to 50 percent of the highest tariffs Washington had ever levied on its trading partners, and textiles, gems and jewelry, and marine products were the worst hit.
President of India industry body PHDCCI, Shri Rajeev Juneja, said that “Despite global headwinds, India registered positive export growth with 14 out of its 20 major trading partners, reflecting increasing diversification and resilience in external trade.”
Negotiations on trade between India and the U.S. have also been continuing for months, yet no deal has been reached. Each side has started to mellow down its position, with U.S. President Donald Trump indicating a possibility of lowering tariffs on India.
Washington has been contacted by New Delhi, and the country has augmented oil and gas imports in the U.S. in a bid to overdraft the trade surplus it has with Washington. The country is expected to purchase farm products from the U.S.
