New Delhi, February 16 India's merchandise exports to the US contracted by 21.77 per cent to $6.6 billion in January due to high tariffs imposed by America, according to data from the Ministry of Commerce.
Exports also declined in September, October, and December last year. However, they increased by 22.61 per cent in November.
The US has imposed a sweeping 50 per cent tariff on Indian goods entering American markets from August 27. The two countries have now finalized an interim trade deal, under which the US has removed 25 per cent punitive duties on Indian goods from February 7, while the reciprocal tariffs will be reduced to 18 per cent from 25 per cent.
Imports from the US, on the other hand, grew by 23.71 per cent to $4.5 billion in January, according to the data.
During the April-January period of this fiscal year, the country's exports to the US increased by 5.85 per cent to $72.46 billion, while imports rose by 13.87 per cent to $43.92 billion.
The country's exports to China grew by 55.65 per cent to $1.63 billion, while imports rose by 16.67 per cent to $12.23 billion.
During the April-January period of this fiscal year, the country's exports to China increased by 38.37 per cent to $15.88 billion, while imports rose by 13.82 per cent to $108.18 billion.
India's exports to the UAE, Netherlands, Germany, Saudi Arabia, Italy, Hong Kong, Spain, Belgium, Malaysia, and Vietnam saw positive growth during the month under review.
However, exports to the UK, Bangladesh, Singapore, Australia, France, and Brazil registered negative growth.
On the imports front, inbound shipments in January declined from nations like Russia, Iraq, Korea, Germany, Thailand, and Australia.
However, imports rose from the UAE, Saudi Arabia, Switzerland, Singapore, Japan, and Indonesia.
India mainly imports gold from Switzerland. The country's imports from this nation surged by 836.85 per cent in January to $3.95 billion.
