India's exports have grown 15% in the current fiscal year despite the United States imposing 50% tariffs on Indian goods, according to Commerce and Industry Minister Piyush Goyal. Speaking at an interaction with chartered accountants in Mumbai, Goyal revealed that the commerce ministry will formally release June trade data on July 15.
"Even now, if we see April, May and 14 days of June. I have data until June 14; it (exports growth) is 15%," Goyal said, according to the Economic Times.
May Trade Data Highlights
India's exports increased 18% in May to scale a six-month high of $45.2 billion, while the trade deficit widened to $28.21 billion, the report stated.
| Indicator | April-May 2025-26 | Change |
|---|---|---|
| Exports | $88.91 billion | +16.09% |
| Imports | $145.35 billion | +15.14% |
| Trade Deficit | $56.44 billion | – |
During the first two months of the fiscal year (April-May), exports totalled $88.91 billion (up 16.09%) and imports stood at $145.35 billion (up 15.14%), resulting in a trade deficit of $56.44 billion.
US Trade Deal Talks Advance
Goyal announced that the US trade counterpart is arriving in Delhi for meetings scheduled on June 23-24. "For the US trade deal talks, tomorrow my counterpart is coming to Delhi," he said, as reported by the Economic Times.
Chief negotiator-level discussions on a bilateral trade pact were previously held on June 2-4 in Delhi. These talks occurred against the backdrop of the US proposing an additional 12.5% duty on 54 countries, including India, over alleged failure to restrict imports of goods produced with forced labour in third countries. The US has also proposed new tariffs on most Indian goods under Section 301 of the US Trade Act of 1974 over forced labour concerns and has initiated a separate probe on excess industrial capacity.
Commerce Secretary Rajesh Agrawal recently stated that the discussions between the two ministers are expected to centre on giving "final touches" to the framework deal, according to the Economic Times.
The strong export growth, achieved despite significant tariff barriers, underscores the resilience of India's trade sector as negotiators work towards a comprehensive agreement with the United States.
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