Exports to US decline in Aug sequentially

India's exports to the US declined by around 14 per cent on a month-on-month basis to USD 6.86 billion in August when the 50 per cent tariffs on Indian goods by the Trump administration came into effect in two tranches.

Indian exports to the US stood at USD 8 billion in July.

The US, however, continued to remain the top export destination for Indian goods in August as well as in the five months of the current fiscal year.

On a yearly basis, the exports to the US in August were up 7.15 per cent, according to the Commerce Ministry data.

The US had imposed a 25 per cent tariff on Indian goods effective August 7 and an additional 25 per cent penalty for buying Russian crude oil effective August 27.

After the US, the top destinations for Indian exports included the UAE (3.24 billion), the Netherlands (USD 1.83 billion), China (USD 1.21 billion) and the UK (USD 1.14 billion), according to the data.

Regarding imports, China accounted for USD 10.9 billion, followed by Russia (4.83 billion), the UAE (4.66 billion), the US (3.6 billion) and Saudi Arabia (2.52 billion).