Overview

• Merchandise exports to the US fell 22.2% from $8.8 billion in May to about $6.9 billion in August, GTRI reported.
• Tariff‑free categories contracted 41.9% over the period, with smartphone shipments plunging 58% to $964.8 million and pharmaceuticals down 13.3%.
• Category C goods that face 50% levies make up 62.7% of India’s US shipments and fell 10.8% by August, with September flagged as the first full month under the higher rate.
• An HSBC flash survey showed India’s manufacturing and services PMIs eased in September, with slower growth in new export orders after US tariffs rose to 50%.
• Industry bodies are seeking interest subsidies, faster duty remission and liquidity support, as GTRI warns the tariff‑exempt slump threatens PLI gains and the government readies exporter relief.