India’s merchandise trade with the United States has seen significant growth, despite ongoing uncertainties regarding tariffs. According to data from India’s Ministry of Commerce and Industry, exports to the U.S. rose by 11.1% to $50.81 billion during the April–September 2026 period, compared to $45.73 billion during the same timeframe last year. Meanwhile, imports from the U.S. surged by 26%, reaching $32.33 billion, up from $25.66 billion.
However, the trade surplus India enjoys with the United States has narrowed. The surplus declined to $18.48 billion, down from $20.07 billion the previous year. The U.S. maintained its position as India’s largest export destination in the first half of the financial year.
Negotiations between the two countries are advancing positively towards a proposed trade agreement, according to Commerce Secretary Rajesh Agrawal. Both nations are eager to conclude and sign the deal, although the finalization will partly depend on changes in the broader U.S. tariff framework, including the ongoing Section 301 review.
India is particularly focused on securing preferential access to the American market. Such access could enhance the competitiveness of Indian exporters in the face of international competition. The proposed trade agreement seeks to improve market access and strengthen bilateral trade relations while addressing challenges related to tariffs.