印度8月商品贸易逆差收窄至264.9亿美元，美国关税政策成关键变量

Core Insights - India's merchandise trade deficit narrowed from $27.35 billion in July to $26.49 billion in August, but still exceeded the forecast of $25.13 billion by economists [1][3] - The reduction in trade deficit is primarily attributed to the impact of the 25% tariff imposed by the U.S. on Indian goods starting August 27, raising the total tariff rate on Indian exports to the U.S. to 50%, the highest among U.S. trading partners [1][3] Export and Import Data - In August, India's total merchandise exports fell to $35.1 billion, marking a nine-month low, with exports to the U.S. dropping significantly from $8.01 billion in July to $6.86 billion [3] - Cumulative exports to the U.S. from April to August reached $40.39 billion [3] - Total imports decreased from $64.59 billion to $61.59 billion, partially offsetting the decline in exports [3] Trade Negotiations and Strategies - U.S.-India trade negotiations have temporarily slowed due to tariff issues, but representatives plan to resume discussions [3] - India's Commerce Minister highlighted strong performance in non-oil exports such as electronics, engineering machinery, and jewelry, indicating early success of the government's export diversification strategy [3] Services Trade - In August, India recorded a surplus in services trade, with exports amounting to $34.06 billion and imports at $17.45 billion, leading to a total trade deficit of $9.88 billion when combining goods and services [3] - Despite efforts to explore new markets in the Middle East and Africa, the U.S. remains a crucial market, absorbing $87 billion worth of Indian goods annually, underscoring its irreplaceable role [3] - Analysts expect the full impact of the tariff increases to become more apparent in the coming months [3]