New Delhi, Mar 16: India’s exports to the US dipped 12.88 per cent year-on-year to USD 6.88 billion in February due to high tariffs in America, while the trade deficit with China crossed USD 100 billion during the 11-month period of this fiscal, according to the commerce ministry data released on Monday.
Exports contracted in September, October, December last year and January this year also. However, it rose 22.61 per cent in November.
Indian goods were attracting a sweeping 50 per cent levies in the US. But after US Supreme Court struck down the Trump tariffs, US President Donald Trump imposed 10 per cent duty on all countries from February 24 for 150 days.
So now the impact of the lower tariffs is likely to be reflected in the data for the month of March, which will be released in mid-May.
Imports, on the other hand, from the US grew 36.53 per cent to USD 4.48 billion in February, data showed.
During the April-February period of this fiscal year, the country’s exports to the US increased 3.84 per cent to USD 79.29 billion, while imports rose 15.65 per cent to USD 48.4 billion.
The country’s exports to China rose 32.37 per cent to USD 1.67 billion, while imports surged 30.49 per cent to USD 11.95 billion.
During the 11-month period of this fiscal year, the country’s exports to China increased 37.66 per cent to USD 17.54 billion, while imports rose 15.21 per cent to USD 119.55 billion. Trade deficit has reached USD 102.01 billion.
India’s exports to Germany, Hong Kong, Italy, Nepal, France, Brazil, Spain, Belgium, Malaysia and Vietnam saw growth during the month under review.
However, exports to the UK, the Netherlands, the UK, Saudi Arabia, Bangladesh, Singapore, Australia, and South Africa contracted.
On the imports front, shipments in February declined from the UAE, Russia, Germany, Thailand and Qatar.
However, imports rose from Saudi Arabia, Iraq, Switzerland, Singapore, Hong Kong, Japan, Korea and Indonesia.
India mainly imports gold from Switzerland. The country’s imports from this nation zoomed about 7 times in February to USD 2.71 billion. (PTI)
