New Delhi — India’s combined merchandise and services exports increased by 13.16 per cent to $80.45 billion in January this year, compared to $71.09 billion during the same period last year, according to data released by the Ministry of Commerce and Industry.
Despite ongoing global economic challenges, the country’s merchandise exports recorded a marginal year-on-year growth of 0.6 per cent, reaching $36.56 billion in January. Meanwhile, cumulative exports of both goods and services between April and January rose by 6.15 per cent to $720.76 billion.
Commerce Secretary Rajesh Agrawal stated that both merchandise and services exports have maintained positive growth momentum. He added that India is likely to approach $860 billion in total exports by the end of the current financial year.
However, goods imports during January surged by 19 per cent to $71.24 billion, primarily due to increased shipments of gold and silver. Consequently, the merchandise trade deficit widened to $34.68 billion, compared to $23.43 billion in January 2025 and $25 billion in December.
The January trade figures also reflect the final phase of the adverse impact caused by tariffs imposed by the administration of former US President Donald Trump. The administration had earlier announced a reduction in tariffs on Indian exports to 18 per cent from 30 per cent.
The recently finalised trade framework between India and the United States provides extensive tariff rationalisation, duty-free access across several product categories, enhanced cooperation in digital and technology sectors, and safeguards for India’s farmers, MSMEs, and domestic industries, according to an official statement.
With India’s total exports to the United States reaching $86.35 billion in 2024, the agreement is expected to significantly improve market access across major sectors, including textiles, leather, gems and jewellery, agriculture, machinery, home décor, pharmaceuticals, and technology-based industries.
Under the agreement, tariffs on exports worth $30.94 billion have been reduced from 50 per cent to 18 per cent, while tariffs on an additional $10.03 billion worth of exports have been reduced from 50 per cent to zero. This is expected to substantially boost price competitiveness for Indian products entering the US market.
With inputs from IANS