Union Minister Piyush Goyal
Credit: PTI File Photo
New Delhi: Commerce and Industry Minister Piyush Goyal will hold a meeting with exporters on Wednesday to discuss issues pertaining to India's trade amid imposition of an additional 26 per cent reciprocal tariffs by US President Donald Trump-led administration, an industry official said.
Senior officials of the commerce ministry and representatives of export promotion councils (EPCs) and the Federation of Indian Export Organisations (FIEO) will attend the deliberations.
An official from a council said that exporters will flag their concerns and possible opportunities from the US tariffs.
"The duty may impact demand in the US, which would hurt our exports," the exporter said.
The US accounts for about 18 per cent of India's total goods exports and 6.22 per cent in imports and 10.73 per cent in bilateral trade. Exports have declined for the fourth month in February due to global economic uncertainties.
India's merchandise exports stood at $395.63 billion during April-February 2024-25 against $395.38 billion in the same period previous year. The estimated value of service exports during April-February 2024-25 is $354.90 billion as compared to $311.05 billion in April-February 2023-24.
India's export sectors such as shrimp, carpet, medical devices and gold jewellery will face the impact of the 26 per cent additional import duties announced by the US.