As of 2022, alcoholic beverages imported from the United States had the highest tariffs among Indian imports. Tariffs on vehicles followed closely, reaching *** percent during the same period. However, import tariffs were recently increased on commodities like vegetable oils, automobiles, and alcoholic beverages.

The US is pressing India to remove high car import tariffs in upcoming trade agreements, a critical issue for automotive markets and US companies like Tesla.

In 2022, India's average trade tariff on the United States was over ** percent. This was an increase compared to the previous year, when the average trade tariff was **** percent. The United States has been India's largest export partner in recent years.

India Imports from United States was US$38.99 Billion during 2024, according to the United Nations COMTRADE database on international trade. India Imports from United States - data, historical chart and statistics - was last updated on July of 2025.

India aims to adjust import tariffs on over 30 items, including luxury vehicles and solar cells, to bolster US trade relations ahead of Modi's US visit.

As of 2022, dairy products faced the highest tariffs imposed by the United States among Indian exports. Footwear followed closely, with tariffs reaching nearly ** percent during the same period. However, the recent rise in tariffs put Indian exporters at a disadvantage, especially for commodities like seafood, dairy, diamonds, and electronics.

United States Imports from India was US$91.23 Billion during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from India - data, historical chart and statistics - was last updated on July of 2025.

India's reduction of tariffs on bourbon whisky imports from 150% to 100% is anticipated to boost U.S. brands like Jim Beam and enhance trade relations.

India and the U.S. finalize the initial phase of a trade agreement, focusing on agriculture and tariffs, aiming for $500 billion trade by 2030.

Historical chart and dataset showing India tariff rates by year from 1990 to 2022.

Key Provisions of the India–UK FTA

• Tariff Reductions: India will eliminate tariffs on 99% of British goods, including whisky, automobiles, and medical devices. Conversely, the UK will reduce tariffs on Indian exports such as textiles, leather, and engineering goods. Notably, whisky tariffs in India will decrease from 150% to 75%, with a further reduction to 40% over the next decade.
• Trade Volume Increase: The FTA is expected to boost bilateral trade by £25.5 billion annually by 2040, contributing an additional £4.8 billion to the UK's GDP each year.
• Labor Mobility: The agreement includes a "Double Contribution Convention," exempting Indian professionals temporarily posted to the UK from paying national insurance contributions for up to three years. This provision aims to facilitate the movement of skilled labor between the two countries.
• Investment Protections: An investment treaty accompanying the FTA will allow companies to sue either government if they believe policy changes unfairly harm their investment or profits. This mechanism is designed to protect investors against potential unfair treatment under local laws.

India is negotiating a trade deal with the U.S. after a temporary tariff suspension, aiming to boost its export market, notably in the shrimp sector.

Apple is redirecting iPhone shipments from India to the U.S. to mitigate the impact of new tariffs on Chinese goods, seeking to maintain market stability and manage costs.

Snapshot img

Freight Forwarding Market Size 2025-2029

The freight forwarding market size is forecast to increase by USD 51.62 billion at a CAGR of 4.1% between 2024 and 2029.

The market is experiencing significant growth due to the increasing international trade, which has led to a rise in demand for efficient and cost-effective logistics solutions. This trend is further bolstered by the adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in freight forwarding, enabling real-time tracking, predictive analytics, and automation of various processes. However, the market faces challenges in the form of escalating fuel and transportation costs, which can significantly impact the profitability of freight forwarding companies.
To capitalize on the market opportunities and navigate these challenges effectively, companies must focus on optimizing their operations through technology integration, strategic partnerships, and cost management initiatives. Additionally, offering value-added services such as customs clearance, warehousing, and supply chain consulting can help differentiate businesses and attract customers in a highly competitive landscape. Information technology plays a crucial role in streamlining logistics processes, including shipping schedules and documentation, for both freight forwarders, Sea freight, and shippers.

What will be the Size of the Freight Forwarding Market during the forecast period?

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In the dynamic world of freight forwarding, meeting shipping requirements is crucial for successful trade in the global market. Information technology plays a pivotal role in streamlining the process, enabling real-time tracking and efficient communication between parties. Negotiating tariffs and adhering to customs regulations are essential aspects of the industry, ensuring the transfer of goods in good condition. Best practices in freight forwarding include thorough documentation, effective communication, and adherence to industry standards.

Navigating the complexities of global trade requires a deep understanding of the latest trends and regulations. By staying informed and adhering to best practices, freight forwarders can ensure the smooth and timely transfer of goods, ultimately contributing to the success of their clients' businesses. Freight forwarders serve as intermediaries between shippers and logistics companies, managing the transportation of goods from their origin to the final destination.

How is this Freight Forwarding Industry segmented?

The freight forwarding industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Mode Of Transportation

  Land freight
  Ocean freight
  Air freight


Application

  Industrial and manufacturing
  Retail and E-commerce
  Food and beverages
  Healthcare
  Others


Service Type

  Transportation and warehousing
  Value-added services


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Mode Of Transportation Insights

The land freight segment is estimated to witness significant growth during the forecast period. The land freight segment, encompassing both road and rail transportation, is a crucial component of the global freight forwarding market. This segment plays a pivotal role in facilitating the movement of goods over land, supporting both domestic and international trade.Road freightThe road freight segment is dynamic and vital, involving the transportation of goods via trucks, trailers, and other road vehicles. It serves as a primary mode of transport for a wide range of commodities, including manufactured goods, consumer products, and raw materials. One of the key attributes of road freight forwarding is its flexibility and last-mile connectivity. Road transports ability to reach remote locations and access points unattainable by other modes of transport provides a competitive edge for timely and efficient deliveries.

The ocean freight segment is a vital part of the global freight forwarding market, enabling the transportation of goods via sea routes on a global scale. This segment includes a variety of services such as booking cargo space, managing documentation, coordinating shipments, and navigating customs procedures, all of which are essential for the smooth operation of international trade.One of the primary advantages of ocean freight forwarding is its cost-effectiveness and efficiency in transporting large volumes of goods over

How Tariffs are Impacting the Economy

Tariffs have a profound impact on the economy by increasing the cost of imports and reducing the affordability of goods and services. As tariffs raise the price of foreign products, businesses face higher costs for materials and components, leading to increased production expenses. This increase in costs is typically passed down to consumers, causing inflationary pressures.

Businesses are also forced to adapt to changes in trade patterns, often seeking alternative suppliers or shifting production to countries with more favorable tariff rates. The result is often disruption in supply chains, with longer lead times and less predictable costs.

Additionally, tariffs can lead to a reduction in consumer demand as higher prices discourage spending. On a broader scale, the implementation of tariffs can slow economic growth by reducing international trade and investment flows, diminishing the efficiency of global markets, and creating a more fragmented trade environment.

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China plans to boost imports from India to address trade imbalance, as bilateral trade reaches $101.7 billion. This initiative coincides with US tariff announcements and aims to strengthen Sino-Indian relations.

Snapshot img

Customs Audit Market Size 2025-2029

The customs audit market size is forecast to increase by USD 6.51 billion, at a CAGR of 8.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for efficient supply chain operations and the emergence of new customs regulations such as voluntary disclosure programs. These initiatives aim to streamline customs processes and mitigate potential risks, making customs audits an essential component of international trade. However, the market faces challenges, including the growing concern over cybersecurity breaches. As global trade becomes increasingly digital, the risk of data breaches and information theft increases, necessitating robust cybersecurity measures to protect sensitive data during customs audits.
Companies seeking to capitalize on market opportunities must prioritize compliance with evolving customs regulations and invest in advanced cybersecurity solutions to mitigate risks and maintain a competitive edge. Navigating these challenges requires a strategic approach, with a focus on transparency, efficiency, and innovation.

What will be the Size of the Customs Audit Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market is characterized by continuous evolution and dynamic market activities. Entities involved in international trade are subject to a complex web of regulations, including supply chain management, free trade agreements, trade data, export regulations, customs valuation, rules of origin, internal controls, and trade agreements. These regulations are not static but rather unfold with the ongoing unfolding of market activities and evolving patterns. Customs compliance plays a crucial role in this landscape, with entities seeking to adhere to regulations and mitigate risks associated with sanctions compliance, anti-dumping duties, trade remedies, and other trade measures. Customs brokers, freight forwarders, and trade finance providers are key players in facilitating international trade, while customs technology and automated systems enable efficient customs clearance.

Bonded warehousing, duty drawback, and inventory management are essential aspects of customs compliance, allowing entities to minimize duties and taxes and optimize their supply chain operations. Trade data and analytics are increasingly important tools for monitoring and responding to changing regulations and market conditions. Export controls and import regulations also shape the market, with entities needing to navigate the intricacies of tariff classification, customs investigations, and countervailing duties. Documentary credits and free trade zones offer additional complexities, requiring a deep understanding of the customs landscape and the ability to adapt to changing regulations and market conditions.

In this context, compliance audits are a critical component of risk management strategies, enabling entities to identify and address potential compliance issues and minimize the risk of penalties and disruptions to their international trade operations. The market is a dynamic and evolving landscape, requiring ongoing attention and adaptation to ensure compliance and optimize international trade operations.

How is this Customs Audit Industry segmented?

The customs audit industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Service

  Customs audit services
  Customs advisory services


Type

  Financial audit
  Operational audit
  Compliance audit
  Risk management audit
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Service Insights

The customs audit services segment is estimated to witness significant growth during the forecast period.

The market encompasses various entities that play a crucial role in international trade, including sanctions compliance, anti-dumping duties, trade remedies, customs broker, letters of credit, bonded warehousing, duty drawback, inventory management, supply chain management, free trade agreements, trade data, export regulations, customs valuation, rules of origin, internal controls, trade agreements, freight forwarder, trade finance, compliance audits, import regulations, data analytics, export controls, duty rates, risk management, customs compliance, countervailing duties, documentary credits, free trade zones, tariff classification, customs technology, automated systems, and customs investigations. In developed economies

Apple's expansion in India faces challenges due to U.S. tariff threats, impacting its global supply chain strategy.

Apple has chartered six cargo flights to transport iPhones from India to the US, circumventing tariffs and ensuring a steady supply amid trade tensions.

Explore the World Competitiveness Ranking dataset for 2016, including key indicators such as GDP per capita, fixed telephone tariffs, and pension funding. Discover insights on social cohesion, scientific research, and digital transformation in various countries.

Social cohesion, The image abroad of your country encourages business development, Scientific articles published by origin of author, International Telecommunication Union, World Telecommunication/ICT Indicators database, Data reproduced with the kind permission of ITU, National sources, Fixed telephone tariffs, GDP (PPP) per capita, Overall, Exports of goods - growth, Pension funding is adequately addressed for the future, Companies are very good at using big data and analytics to support decision-making, Gross fixed capital formation - real growth, Economic Performance, Scientific research legislation, Percentage of GDP, Health infrastructure meets the needs of society, Estimates based on preliminary data for the most recent year., Singapore: including re-exports., Value, Laws relating to scientific research do encourage innovation, % of GDP, Gross Domestic Product (GDP), Health Infrastructure, Digital transformation in companies is generally well understood, Industrial disputes, EE, Female / male ratio, State ownership of enterprises, Total expenditure on R&D (%), Score, Colombia, Estimates for the most recent year., Percentage change, based on US$ values, Number of listed domestic companies, Tax evasion is not a threat to your economy, Scientific articles, Tax evasion, % change, Use of big data and analytics, National sources, Disposable Income, Equal opportunity, Listed domestic companies, Government budget surplus/deficit (%), Pension funding, US$ per capita at purchasing power parity, Estimates; US$ per capita at purchasing power parity, Image abroad or branding, Equal opportunity legislation in your economy encourages economic development, Number, Article counts are from a selection of journals, books, and conference proceedings in S&E from Scopus. Articles are classified by their year of publication and are assigned to a region/country/economy on the basis of the institutional address(es) listed in the article. Articles are credited on a fractional-count basis. The sum of the countries/economies may not add to the world total because of rounding. Some publications have incomplete address information for coauthored publications in the Scopus database. The unassigned category count is the sum of fractional counts for publications that cannot be assigned to a country or economy. Hong Kong: research output items by the higher education institutions funded by the University Grants Committee only., State ownership of enterprises is not a threat to business activities, Protectionism does not impair the conduct of your business, Digital transformation in companies, Total final energy consumption per capita, Social cohesion is high, Rank, MTOE per capita, Percentage change, based on constant prices, US$ billions, National sources, World Trade Organization Statistics database, Rank, Score, Value, World Rankings

Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Mongolia, Netherlands, New Zealand, Norway, Oman, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Singapore, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Kingdom, Venezuela

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