On the other hand, imports during the first nine months of 2024-25 grew by 1.91 per cent to USD 33.4 billion, while in December it was up by 9.88 per cent to USD 3.77 billion.
According to experts, going by the trend, the total trade between the two countries will continue to grow in the coming months also.
The bilateral trade during April-December 2024-25 stood at USD 93.4 billion, as against USD 94.6 billion between India and China.
The experts added that the possible trade war between the US and China will give huge export potential for Indian exporters.
The US is the largest trading partner of India from 2021-22. The US accounts for about 18 per cent of India’s total goods exports and over 6 per cent in imports and about 11 per cent in bilateral trade. Some experts raised concerns that if the US would impose additional duties on certain Indian goods, as threatened by US President Donald Trump, it can impact trade. In December last year, Trump had said India charges “a lot” of tariffs, reiterating his intention to impose reciprocal tariffs in retaliation for what New Delhi will impose on the import of certain American products.
“India should respond firmly and in equal measure,” economic think tank Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.
In 2018, when the US taxed Indian steel and aluminium, India retaliated by raising tariffs on 29 US products, recovering equivalent revenue.
