Bilateral trade between India and the United States continues to thrive despite ongoing uncertainties surrounding tariffs. According to data from India’s Ministry of Commerce and Industry, merchandise exports to the U.S. increased by 11.1% to $50.81 billion during April to September 2026, compared to $45.73 billion in the same period the previous year. Meanwhile, imports from the U.S. surged by 26% to $32.33 billion, up from $25.66 billion.
Despite this growth, India’s merchandise trade surplus with the U.S. narrowed, decreasing to $18.48 billion from $20.07 billion a year earlier. The U.S. maintained its status as India’s largest export destination during the first half of the financial year.
Commerce Secretary Rajesh Agrawal noted that negotiations for the proposed India-U.S. trade agreement are advancing positively. Both nations are eager to finalize and sign the deal swiftly, although its completion may hinge on developments in the broader U.S. tariff framework, particularly the ongoing process under Section 301.
India is seeking preferential access to the American market to bolster its domestic exporters’ competitiveness against international rivals. The proposed trade agreement aims to enhance market access and fortify trade relations while addressing existing tariff-related challenges.