India’s Export Focus Shifts Beyond US; Trade Grows With UAE, Germany, and South Korea
US Tariff, India Exports: Amid the tariff dispute, Indian exports to the US declined, while exports to 24 countries increased. According to a Crisil report, exports to the US declined by 11.9 percent in September.
India's exports to the US declined amid the constant tariff standoff, while exports to 24 countries, including South Korea, Belgium, Italy, the United Arab Emirates, Germany, and Egypt, increased.
According to the October report of rating agency Crisil, reflecting a clear trend of market diversification, Indian exporters recorded positive growth in 24 countries during the first half of the current financial year, while exports to the US declined in September due to high tariffs.
India's merchandise exports to the US declined by 11.9 percent to $5.5 billion in September, compared to a 7 percent increase in August 2025. The decline would have been even greater if goods had not been supplied quickly (frontloading) before the tariff increase. In contrast, exports to non-US markets grew by 10.9 percent in September, higher than the 6.6 percent growth in August.
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Positive growth of $129 billion...The 24 countries to which India's exports have increased include South Korea, UAE, Germany, Togo, Egypt, Vietnam, Iraq, Mexico, Russia, Kenya, Nigeria, Canada, Poland, Sri Lanka, Oman, Thailand, Bangladesh, Brazil, Belgium, Italy, and Tanzania. Exports to these countries registered a positive growth of $129.3 billion in April-September 2025-26, accounting for 59 percent of India's total exports.
Exporters are focusing on other markets such as Africa, Latin America, and the Middle East. The US and India are negotiating a bilateral trade agreement.
