India’s exports surge 9% as US tariff hit offset by 24 nations
Indian exports expanded to more than 20 nations across Europe, the Middle East, Africa and Latin America as manufacturers offset losses from American tariff increases. Overseas shipments climbed 9 percent in the July through September period with September exports rising 6.7 percent despite a 50 percent United States duty hike. Electronics, engineering products and seafood led gains as sales to Germany, Belgium, Italy, Poland, South Korea, United Arab Emirates, Oman, Iraq, Egypt, Russia, Canada, Mexico, Brazil, Kenya, Nigeria, Tanzania, Thailand, Vietnam and Sri Lanka increased.
The 24 countries purchased 129.3 billion dollars’ worth of goods between April and September, representing 59 percent of total Indian sales abroad. Trade agreements with Britain and Europe should strengthen market diversification, as American purchases fell 11.93 percent to 5.46 billion dollars in September. Commerce Secretary Rajesh Agrawal met Washington officials last week as both governments pursue a bilateral deal to resolve the dispute.
New Delhi assured American counterparts that Indian companies will buy more United States oil and natural gas to reduce the trade imbalance. Commerce Minister Piyush Goyal said negotiations proceed cordially without time pressures but must protect farmers, fishermen and small manufacturers. India remains the second-largest petroleum consumer globally.
