Overview
- Shipments to the US dropped from $8.83 billion in May to $6.31 billion in October after duties jumped from 10% in April to 50% by late August, making Indian goods among the most heavily taxed versus China near 30% and Japan near 15%.
- Labour‑intensive lines facing a unique 50% rate fell 31.2% in five months, while tariff‑exempt smartphones slid 36% and metals and auto parts weakened in part due to softer US industrial demand.
- India’s engineering goods exports fell 16.71% year‑on‑year in October to $9.37 billion, with EEPC citing the combined hit from US Section 232 measures and reciprocal tariffs and noting broad regional declines.
- GTRI says the Export Promotion Mission approved on November 12 remains non‑operational, urges quick disbursals, and calls for removal of a Russia‑linked additional 25% US duty to ease pressure on MSMEs and labour‑heavy sectors.
- The government has cleared Rs 25,060 crore for the EPM and reported Rs 45,060 crore in support including Rs 20,000 crore in credit guarantees, while exporters redirect shipments to markets such as the UAE, Hong Kong, Belgium, the EU and China with marine products gaining new EU approvals.