India-US Trade Review Ahead of Piyush Goyal’s US Visit

The Indian Commerce Ministry is scheduled to convene a meeting on September 1, 2026, with industry associations and export promotion councils to thoroughly discuss India-US trade performance.

This crucial deliberation, chaired by Additional Secretary Darpan Jain, serves as a preparatory step before Commerce and Industry Minister Piyush Goyal’s planned visit to the United States in late September.

Reviewing Bilateral Trade Dynamics

The agenda for the meeting includes an in-depth review of recent trade trends, the overall sector-wise performance of India-US trade, and the latest developments in bilateral trade relations.

Key representatives from various sectors and industry bodies are expected to participate, providing comprehensive insights into current trade dynamics.

• Representatives from crucial sectors such as pharmaceuticals, engineering, textiles, agriculture, chemicals, marine products, leather, automobiles, auto components, handicrafts, and plastics will attend.
• Major industry chambers like CII, FICCI, Assocham, and FIEO are also slated to contribute to the discussions.

Strategic Context for US Engagement

Minister Piyush Goyal’s upcoming trip includes his attendance at the G-20 Trade Ministerial in Milwaukee, alongside bilateral discussions with USTR Jamieson Greer.

A significant focus of these discussions remains the ongoing negotiations for a bilateral trade agreement between India and the US, particularly in light of recent tariff adjustments.

• The US imposed an additional 10 percent tariff on several countries, including India, starting July 24.
• This tariff adjustment necessitates further negotiations to ensure India maintains a comparative advantage over competitors such as Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia, and Malaysia in the US market.

Key India-US Trade Figures

Recent trade data highlights notable shifts in the bilateral economic relationship between India and the United States.

• India’s exports to the US marginally increased to USD 87.31 billion in 2025-26, up from USD 86.51 billion in the previous fiscal year.
• Conversely, imports from the US surged by 17.16 percent, reaching USD 53.45 billion from USD 45.62 billion in 2024-25.
• Total trade between the two nations grew by 6.53 percent to USD 140.76 billion in 2025-26.
• However, India’s trade surplus with the US saw a decrease to USD 33.9 billion in the last fiscal year, down from USD 40.9 billion in 2024-25.

Looking at the more recent period, India’s trade performance with the US continued to evolve.

• For April-July 2026-27, India’s exports to the US rose by 3 percent to USD 34.5 billion.
• Imports during this period saw a significant increase of 22.42 percent to USD 22.12 billion.

Primary Indian exports to the US include electrical machinery, generic medicines, and cotton textiles, while key imports from the US comprise crude petroleum, liquefied natural gas, and electronics.

The upcoming ministry meeting and Minister Goyal’s visit are crucial for navigating these trade dynamics and addressing the implications of recent tariff changes to safeguard India’s position in the US market.