Indian exporters rushed their goods to the United States before to the August 27 increase in tariffs.
In the current fiscal year, exports to the United States have increased by almost 22% year-to-date through July, above the usual growth rate of 17% to 18%.
In a September 4 interview with Network 18, Commerce Minister Piyush Goyal said that India’s exports to the US had already surpassed $40 billion in the first five months of 2025–2026.
“Our exports to the US have already surpassed $40 billion or $43 billion from April to August; last fiscal year, they were $86 billion, and we still have seven months left,” Goyal said. He also mentioned that just 55–60% of Indian exports are subject to reciprocal tariffs.
Key exports including medicines, petroleum, and computer items are still exempt from higher taxes, but the US increased tariffs to 50% on the majority of Indian goods when an extra 25% went into effect on August 27.
$28B of $86.51B exports to US in FY25.
In the current fiscal year, exports to the United States have increased by almost 22% year-to-date through July, above the usual growth rate of 17% to 18%.
With both exports and imports rising 7.3% and 8.6% percent on the year, respectively, India’s goods trade imbalance for July increased to an eight-month high of $27.35 billion from $18.78 billion in June, according to official figures.
September 15 will mark the formal announcement of the August trade numbers.
Goyal went on to say that he does not believe the tariffs would have a major effect on India’s GDP growth and that total exports in FY26 will surpass those of the previous year.
The finance ministry predicts that the country’s GDP would grow by 6.3-6.8% in the current fiscal year, although India’s total exports hit a record high of $824.9 billion in FY25, surpassing $778.1 billion in 2023-24.