India's steel exports to the United States fell 42%

Indian steel exports to the US fell 42% during the first quarter of the Indian financial year. The sharp decline in export volumes came at the expense of steel import duties recently imposed by the Trump administration. India, despite several rounds of negotiations with its American counterparts, has not been able to obtain tax relief.

According to the latest figures released by India's Ministry of Commerce, exports of 68 steel products, which are subject to the 25 percent tariff rate, totaled US $ 115 million during the quarter ending June 30 of this year. The country's exports in 2017 amounted to USD 198 million over the same period.

Meanwhile, official data show that aluminum exports rose in the quarter despite tariffs. Exports of seven aluminum products subject to 10% tariffs to the United States rose 59% from $ 103 million to $ 164 million. Commerce Department officials said it was too early to draw a conclusion.

The country is in talks with US officials about a possible trade package, according to sources. The talks have already concluded in three rounds, and US officials are soon planning to visit India for further talks. In addition to moving away from high tariffs on steel and aluminum, India is looking forward to key changes in trade preference systems.