Last-Minute Export Surge to Counter Trump's Tariffs

In a frantic effort to avoid the impact of Donald Trump's reciprocal tariffs, companies worldwide, including tech giant Apple, have significantly increased their exports. Apple, for instance, shipped five planeloads of iPhones and other products to the US in just three days to stock up its warehouses and prevent price surges.

This unusual activity was not limited to Apple. The gems and jewellery sector also saw a dramatic rise in exports, with shipments to the US through Mumbai's precious cargo clearance system soaring nearly six-fold to $344 million in early April.

India's Export Performance Amid Global Trade Tensions

India's goods and services exports are estimated to have surpassed $800 billion in the fiscal year ending March, despite a 3% decline in goods exports the previous year. Commerce and Industry Minister Piyush Goyal encouraged exporters to boost consignments in the last fortnight of the fiscal year, leading to a significant increase in exports during the final week of March.

Experts like Ajay Sahai, director general of Fieo, anticipate exports to exceed $40 billion in March 2025, building on the $41.6 billion recorded in March 2024. The official trade data is set to be released on April 15.

Looking Ahead: Trade Strategies and Market Adjustments

The Indian government aims to increase goods exports in the current financial year, leveraging the country's competitive advantage in services due to its skilled workforce. Lower oil prices and adjustments in retail margins in the US are expected to mitigate some of the tariff impacts. However, the initial months of the fiscal year may see a reduction in export volumes as businesses adjust to the new trade landscape.

Exporters remain hopeful that trade will stabilize in the coming months, easing the current uncertainty and setting a positive trajectory for global commerce.