The US and EU are impacting exports of key sectors including engineering, gems, and jewelry, and may have implications on India's exports in case the global situation does not improve in the coming months.
Contracting for the third straight month, India's exports declined 36.47 per cent in May to USD 19.05 billion, mainly on account of drop in shipments by key sectors such as petroleum, textiles, engineering, gems and jewellery.
India's exports dropped by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month, official data released on Friday showed.
Commerce Secretary Anup Wadhawan raised the issue in his meeting with Wang Shouwen who is the Vice Minister of China’s Commerce Ministry, on the sidelines of RCEP inter-sessional ministerial meeting in Beijing on Friday.
New export markets, financial support and lower crude oil prices are likely to offset the impact on trade deficit caused by US ending preferential treatment to various goods supplied from India.
Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.
Exports of petroleum products, engineering, pharma and gems and jewellery in August rose by 43.25 per cent, 31.81 per cent, 28.52 per cent and 34.76 per cent respectively.
The Trump administration is aggressively pushing New Delhi on the issues of medical devices, pharmaceuticals, dairy products and agriculture.
The trade deficit between India and the US dropped by almost six per cent in 2017 compared to the previous year, the US Trade Representative (USTR) has said.
China reported a $510 billion global trade surplus last year, though total trade contracted in a sign of weak foreign and domestic demand.
Current account deficit (CAD) increased to $14.3 billion, or 2.4 % of GDP in Q1 of the current fiscal from $0.4 billion a year ago.
The Commerce Department today said that the U.S. trade gap in goods and services climbed 5.2 percent to $47.6 billion in April from March.
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