India's exports to US up 16.9c pc, imports dip 5.76 pc in May
India's merchandise exports to the US rose by 16.93 per cent to USD 8.83 billion in May, while imports dipped by 5.76 per cent to USD 3.62 billion during the month, according to the commerce ministry data.
During April-May, the country's exports to the US increased by 21.78 per cent to USD 17.25 billion, while imports rose by 25.8 per cent to USD 8.87 billion, the data showed.
When asked about the impact of high tariffs imposed by the US on steel, aluminium and auto parts, Special Secretary in the Department of Commerce Rajesh Agrawal said India does not export a lot of steel and aluminium to the US.
There is a uniform duty on auto components for all countries, so "we have not seen a big dent" on the sector.
But if it will be continued for long, there could be some impact. If some countries will get exemptions from this duty then it may impact Indian players, he added.
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The US has imposed 25 per cent tariffs on these products.
The US was the second-largest trading partner of India in April-May.
China, another major trading partner of India, saw a 25 per cent jump in exports from India to USD 1.64 billion in May and 18.75 per cent growth in April-May to USD 3.04 billion.
Imports from the neighbouring country in May rose by 21.16 per cent to USD 10.31 billion while in April-May by 24.23 per cent to USD 20.22 billion.
Singapore, Germany, Australia, Belgium, Korea and Russia were also among the countries which saw positive growth in exports from India in May.
However, exports to the
UAE
, the Netherlands, the UK, Bangladesh, Saudi Arabia,
South Africa
, Italy, France, Malaysia, and Brazil declined in May.
On the imports front, inbound shipments in May declined from nations including Russia, Iraq, Saudi Arabia, Indonesia and Qatar.
However, imports rose from the UAE, Japan, Korea, Singapore and Germany.
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