New Delhi: India’s merchandise exports to the United States rose 11.1 per cent to $50.81 billion during April–September 2026, the first half of the current financial year, despite tariff-related disruptions. Meanwhile, imports from the US increased by 26 per cent to $32.33 billion, according to data released by the Ministry of Commerce and Industry on Thursday.
India’s exports to the US stood at $45.73 billion during the corresponding period last year, while imports were valued at $25.66 billion. Although bilateral trade continued to expand, India’s merchandise trade surplus with the US narrowed to $18.48 billion from $20.07 billion a year earlier.
The United States remained India’s largest merchandise export destination during the first half of the current financial year. The growth in exports highlights the resilience of bilateral trade despite continuing uncertainty over tariffs and market access.
India-US Trade Deal Negotiations Progressing
Meanwhile, Commerce Secretary Rajesh Agrawal said negotiations on the proposed India-US trade agreement were progressing in the right direction, with both countries working towards concluding and signing the deal at the earliest.
“The negotiations are in the right direction. Probably, we are in a very good zone. We anticipate closing the deal and signing it at the earliest possible time,” Agrawal said during a press briefing.
He explained that the timing of the agreement would depend partly on the finalisation of the broader tariff framework in the United States. A parallel process is underway in the US under Section 301 to determine aspects of its tariff structure.
Agrawal said the agreement would be signed once the overall tariff framework had been formalised, indicating that developments in the US tariff policy would play an important role in shaping the final deal.
Preferential Market Access a Key Priority
The Commerce Secretary emphasised that India was seeking preferential access to the American market to ensure that Indian exporters could compete effectively with businesses from other countries.
He said a trade agreement not only facilitates access to each other’s markets but also provides preferential market access, which can offer exporters a competitive advantage.
According to Agrawal, India’s relative position compared with competing countries would be an important consideration in the new tariff framework.
The proposed India-US trade agreement assumes significance as both countries seek to strengthen economic ties, expand bilateral trade and address tariff-related challenges affecting exporters. A mutually beneficial agreement could help improve market access and provide greater certainty for businesses in both countries.