At a time when India and the United States are in talks over a potential trade deal that might lift the markets, Commerce Secretary Rajesh Agrawal has stated that the nation's trade with regards to United States is on a strong footing. He added that India is nearing a trade deal with the Donald Trump administration, amid constant talks between the two parties.
Speaking at the unveiling of the latest trade data, Agrawal went on to provide further clarity, revealing that discussions between India and the US never actually broke down.
"Discussions have never broken down; we are constantly engaged. A virtual meeting between Piyush Goyal and USTR Greer has taken place. There are pending issues being talked about. It's very near, but we can't put a deadline. Deal will happen when both sides are ready, and we're ready to announce," he said.
Agrawal pointed out that India's trade with China and the United Arab Emirates is also doing well, as he offered an optimistic outlook on India's services exports.
"In positive territory with US trade. China, UAE markets are also doing well," Agrawal said, as the government unveiled the latest trade data. The Commerce Secretary adds that, "India is still doing roughly $7 billion monthly exports to the US despite high tariffs."
This is a testament to the strong foundation of India's export business, with many of the sectors still maintaininga high level of exports despite facing high tariffs. A potential trade deal between the two countries, to that end, could serve as a game-changer for these impacted sectors.
This is also an indicator that India's trade is focusing more on non-tariff sectors, whereas sectors facing the brunt of the US tariffs have been able to sustain their businesses thanks to trade diversification.
"Sectors like textiles, marine products, gems and jewellery are holding on to growth thanks to diversification despite high US tariff pressure," Agrawal said.
Talking about pharma, which is one of the sectors most exposed to exports, Agrawal said that new markets are emerging for Indian companies. "India's pharma exports are growing with diversification, and emerging markets such as Brazil and Nigeria are leading growth," he said.
As per the latest trade data, the US remains India's top export destination at $65.8 billion in Dec. 2025, whereas China remains the top import destination at $95.95 billion during the same period.
