India's merchandise trade deficit touches $27.35 billion in July
Merchandise exports were $37.24 billion in July, while imports reached $64.59 billion, provisional data from the commerce ministry showed on Thursday.
Indian exporters could be among the hardest hit if US President Donald Trump's proposed additional 25% tariff hike on Indian goods take effect this month, unless a breakthrough is reached during the ongoing 21-day negotiation window.
About half of India's exports to the US could be affected, especially from labour-intensive sectors like garments, leather, and gems and jewellery, according to Madan Sabnavis, chief economist at Bank of Baroda. Exports to the US account for about 2% of India's GDP.
Trump announced a 25% reciprocal tariff on imported goods from India on 31 July. On 6 August, the US President signed an executive order imposing an additional 25% tariff for India's 'direct or indirect' purchase of crude oil from Russia.
'It is estimated that around 55% of the total value of India's merchandise exports to the US is subject to this reciprocal tariff,' Union minister of state for finance Pankaj Chaudhary said in the Lok Sabha.
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