India's Exports To US Rise 16.9% To $8.83 Billion, Imports Dip 5.76% In May
New Delhi:
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 continues for long, there could be some impact. If some countries will get exemptions from this duty then it may impact Indian players, he added.
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.
Commenting on the data, economic think tank GTRI said that India and China's latest trade figures showed how the US-China trade war is reshaping global trade flows.
Released by China Customs on June 10 and India's Commerce Ministry on June 16, the May trade data reveals a sharp drop in China's exports to the US and a noticeable redirection of trade to markets like India, the EU, and ASEAN.
"India's import surge in electronics and machinery, much of it from China, and rising exports to the US suggest that global supply chains are adapting quickly. The numbers also signal rising risks for India amid Middle East tensions and a more protectionist trade environment," GTRI Founder Ajay Srivastava said.
The decline in China's shipments to the US is being partially offset by increased exports to other markets, including the EU (up 12 per cent to USD 49.5 billion), ASEAN (up 15 per cent to USD 58.4 billion), and notably, India (up 12.4 per cent to USD 11.13 billion).
Two categories with high import growth stood out - electronics (up 27.5 per cent to USD 9.1 billion) and machinery and computers (up 22 per cent to USD 5 billion).
"Part of this increase originated in China, as India's combined imports from China and Hong Kong surged by 22.4 per cent , from USD 9.8 billion to USD 12 billion," he said.
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