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India to boost U.S. industrial goods merchandising, while trade deficit reaches $22.99 billion in January.
Days after Prime Minister Narendra Modi's visit to the United States, India pledged Monday to increase its purchases of industrial goods from the United States. Meanwhile, data revealed that the South Asian nation's merchandise trade imbalance in January was $22.99 billion, as anticipated.
According to a Reuter’s survey, economists had projected the January trade imbalance to reach $22.35 billion. In January 2024, merchandise exports totaled $36.43 billion, while in December 2024, they were $38.01 billion. The month's imports totaled $59.42 billion, compared to $59.95 billion the previous month. In New Delhi, Trade Secretary Sunil Barthwal informed reporters that electronics are the primary export, followed by pharmaceuticals, drugs, and rice.
According to estimates, services imports and exports in January totaled $18.22 billion and $38.55 billion, respectively, compared to $32.66 billion and $17.50 billion in December. The monthly report follows Modi's visit to the United States, during which the two nations reached a tariff resolution agreement, and the South Asian nation committed to purchasing more American gas, oil, and military hardware.
According to Rajesh Agrawal, a top Indian trade official, Washington and New Delhi have agreed to a "tough" deadline for negotiating the first tranche of a trade pact between the two nations and would look for ways to boost U.S. exports of industrial goods. During the trade talks, India will try to lower tariffs and ask the United States to lower particular sectors, the officials stated.
According to data, India imported $2.68 billion worth of gold in January, down from $4.7 billion the month before, and $13.4 billion worth of crude oil, down from $15.2 billion in December.
Following the discovery of an extraordinary error resulting from some double counting, India's trade ministry rushed in December to rectify monthly import data, including those for precious metals like gold from April to November.
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