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India’s Exports To US Jump 23% In November On Supply-Chain Shift, Holiday Restocking: GTRI
India’s Exports To US Jump 23% In November On Supply-Chain Shift, Holiday Restocking: GTRI
India's merchandise exports to the US rose 22.61 percent to USD 6.98 billion in November, driven by supply-chain shifts and holiday restocking, reports GTRI.
India's merchandise export to the US rose sharply by 22.61 per cent to USD 6.98 billion in November, supported by supply-chain realignment and inventory restocking due to the US holiday season, according to a report by think tank Global Trade Research Initiative (GTRI) . The surge came following a two-month contraction after the US had imposed 50 per cent tariffs on domestic goods from India.
Imports from the US also grew during the period by 38.29 per cent to USD 5.25 billion.
The major export to the US remained in the sectors such as electronics and machinery, as per the GTRI, adding that the rebound reflected an adjustment to a tougher tariff regime.
It said that things remain fragile, driven by short-term coping strategies rather than a lasting improvement.
GTRI Founder Ajay Srivastava said that the plunge in India's exports to the US in the period between May and September was likely due to the shock and uncertainty triggered by US President Donald Trump's constant rhetoric to impose higher tax duties on India and other countries.
After a steep fall for back-to-back months, there's a perceptible recovery in 85 per cent of India's November exports in sectors such as electronics (smartphones), gems and jewellery, machinery, vehicles, and auto component, pharmaceuticals, textiles and garments, carpets, mineral fuels, organic chemicals, plastics, rubber articles, fish, dairy products, and edible fruits and nuts.
Pharmaceutical exports of India to the US touched USD 669.2 million in November. Similarly, exports of gems and jewellery surged back to USD 406.2 million in November.
Source: News18
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