Overview
- India’s merchandise exports rose 2.9% to USD 220 billion in April–September 2025, while September shipments to the US declined about 12% year on year and the US share slipped to roughly 15%, according to SBI.
- Cumulative exports to the US still grew 13% to USD 45 billion in the half-year, which the report suggests may reflect front‑loading earlier in the period.
- Destinations gaining share include the UAE, China, Vietnam, Japan, Hong Kong, Bangladesh, Sri Lanka and Nigeria, with SBI pointing to possible intermediary routing of Indian goods to the US via Australia and Hong Kong.
- SBI attributes the US slowdown largely to weaker sales of marine products, precious and semi‑precious stones, and cotton-based apparel and fabrics, noting the US share fell to 15% from 20% for marine items and to 6% from 37% for precious stones, while cotton garments still posted growth in the April–September window.
- The government cleared Rs 45,060 crore for exporter support, including Rs 20,000 crore in credit guarantees and expanded collateral‑free loans under CGTMSE, and SBI says ongoing trade talks plus recent LPG and defence deals could improve market access.