Pharma exports to US soared amid tariff scare

India's pharma exports to the US in March surged almost 74 percent to $1.561 billion, at a time when talks on potential US tariffs were getting louder, the data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed.

- SOHINI DAS

Export growth in March over February was around 71 percent.

Pharmexcil Chairman Namit Joshi told Business Standard that the situation was "dynamic" and trade, particularly with the US, had been influenced by tariff concerns.

The data showed in April exports to the US fell 7.27 percent to $898.34 million as against $968.79 million in the same month last year.

In May, however, there was a recovery, growing 13.34 percent to $813.41 million. If the April and May figures are combined, export growth to the US was 3 percent.

Tariffs on imports from India were expected to come into force by April, but the decision was delayed. India and the US are yet to announce an interim trade deal, and US President Donald Trump indicated earlier this week that they would start sending tariff letters to countries soon.

Joshi said the surge in export was anticipated owing to Indian exporters offloading material in anticipation of tariff matters.