India has scope to increase smartphones, pharma exports to US, says Crisil
This story was originally published at 14:07 IST on 23 June 2025
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NEW DELHI – India has scope to increase exports to the US, particularly of smartphones, certain pharmaceutical products, and textiles, Crisil said in a report Monday. India can increase exports in these sectors, the report said, even as New Delhi's trade surplus with Washington is likely to come down as part of a bilateral trade agreement, negotiations for which are ongoing.
"In terms of products, India may see some gains in exports of smartphones, certain pharmaceuticals and labour-intensive sectors such as textiles and gems and jewellery," Crisil said. "India can expect to see more imports of liquefied natural gas, certain agriculture products and defence equipment from the US."
India's exports to the US, however, are unlikely to rise sharply as the Donald Trump administration aims to reduce its trade deficit with India, the report said. The US had imposed tariffs on its trade partners in April, which have been put on hold till Jul. 9. Without a trade deal, Indian exports to the US will face 26% duty after the Jul. 9 deadline. Last week, Commerce Secretary Sunil Barthwal said the government was looking forward to signing an interim deal, which would later be part of the first tranche, by Jul. 9.
As per latest government data, India's trade surplus with the US widened during the first two months of 2025-26 (Apr-Mar) to $8.38 billion from $7.12 billion a year ago. India exported goods worth $17.25 billion to the US in Apr-May, compared to $14.17 billion a year ago. Imports from the US rose to $8.87 billion in Apr-May from $7.05 billion a year ago.
Crisil said that India should be prepared to see more imports from the US under the bilateral trade agreement. "This is because India's tariffs are much higher than those of the US and bringing these down would be advantageous to exporters in the US." Under the deal, India would be able to import more energy products, certain agriculture products and defence equipment from the US, Crisil said.
"Given that India has much higher tariffs than those imposed by the US, a bilateral trade agreement that reduces tariffs would increase the US's exports to India more than vice versa," the report said. End
US$1 = INR 86.68
Reported by Shubham Rana
Edited by Avishek Dutta
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