In October, India's merchandise exports dropped to $34.38 billion.
The second full month after the US tariff hike went into effect is October.
Due to an increase in gold imports, the trade gap grew. The government's preliminary estimates show that the merchandise trade imbalance increased to $41.68 billion in October from $32.15 billion in September.
September's merchandise exports totaled $36.38 billion.
In October, imports increased from $68.53 billion to $76.06 billion. October 2024, a year ago, saw $38.98 billion in exports and $65.21 billion in imports.Tariffs imposed by Trump
Due to New Delhi's oil purchases from Russia, US President Donald Trump placed an additional 25% levy on Indian goods in late August, bringing the total duties to 50% as of August 27.
About half of India's exports to the US are predicted to be negatively impacted by the tariff move, especially labor-intensive industries like clothing, leather goods, jewelry, and jewels. Prior to the most recent tariffs, shipments to the US made up about 2% of India's GDP.