India Exports Rise Modestly in September Amid Trade Deal Delays

India’s exports fell 11.8% year-over-year in October 2025 to USD 34.38 billion, reflecting the impact of softer global demand and tariff-related pressures, a preliminary estimate showed. Shipments to the United States, India’s largest export market, declined to USD 6.3 billion, down from USD 6.9 billion a year earlier as tariffs hit shipments of goods such as textiles, shrimp, and gems and jewelry. The Trump administration imposed steep tariffs of up to 50% on Indian shipments at the end of August. October marked the second full month under these duties, even as New Delhi and Washington continued negotiations. Over the April–October 2025–26 period, exports managed only a 0.6% increase, reaching USD 254.25 billion.

India’s exports grew 6.1% year-over-year to USD 36.38 billion in September 2025, following a modest increase in August and hovering near a nine-month low. The sluggish growth in recent months was likely influenced by delays in the US-India trade deal. With the US accounting for roughly 20% of India’s goods exports, any slowdown in bilateral trade momentum could continue to weigh on outbound shipments.