Exports to US dip by 31.7% in Sept compared to July
Commerce Secy says India open to buying more crude oil, gas from US, subject to it being at right price
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India’s exports to the US saw a dip of 31.7 per cent in September compared to July as 50 per cent tariffs on Indian goods came into effect from August.
According to the data released by the Commerce and Industry Ministry, the exports to the US in September were $5.4 billion, a contraction of 11.93 per cent compared to the same period last year and 20.3 per cent down from August. In July, India exported goods worth $8 billion to the US while in shipments were $6.87 billion in August. Despite the tariffs, the US remained the top export destination in September. September marked the first full month under US’50 per cent tariffs.
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Commerce Secretary Rajesh Agarwal said India was open to buying more crude oil and gas from the US, subject to it being at the right price. “Currently, we are at an average of $12 to $13 billion annually. There is a headroom for $14 to $15 billion,” he said.
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