Overview

• Merchandise exports to the United States fell 11.9% in September to roughly $5.46–$5.5 billion after a 50% tariff took effect on August 27 and exporters frontloaded shipments in August.
• Sales to non-US markets rose 10.9% in September, and overall exports grew 6.7% to $36.4 billion, indicating resilience outside the US.
• For April–September, exports increased 3.02% to $220.12 billion and imports rose 4.53% to $375.11 billion, widening the merchandise trade deficit to $154.99 billion.
• Evidence of diversification strengthened as 24 destination countries posted positive growth totaling $129.3 billion, or 59% of exports, with exporters redirecting efforts toward Africa, Latin America and the Middle East.
• Crisil flags export headwinds from US tariffs and slower global growth but expects the current account deficit to hover near 1% of GDP, while officials expand a focus-market program by 30 countries and India continues trade talks with the US.