6 months ago
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Last month, we noted that India’s commercialized information for November had shown a continued resilience successful exports contempt mounting U.S. tariffs. Not lone did India’s wide exports grow, but shipments to the U.S. besides rebounded. However, the nonstop drivers were harder to discern astatine the time, arsenic elaborate information were inactive awaited.
Foreign Trade Performance Analysis information amusement respective caller trends. This investigation focuses lone connected items wherever India’s export dependence connected the U.S. was already significant. To isolate the interaction of the tariffs, the figures for September done November 2025 were compared against the 2023-24 mean for those aforesaid months.
As shown successful the chart below, not each commodities exported to the U.S. were impacted by tariffs. Notably, exports of telecom instruments to the U.S. — astir of which are not tariffed, peculiarly smartphones — surged by 237% betwixt the periods considered. Exports of electrical machinery besides grew by 15%.
That brings america to the items deed by the U.S. tariffs and different challenges. Exports of pearls and precious stones declined by astir 78.5% betwixt the periods considered. Gold jewellery exports to the U.S. declined by 39%, fabric fabrics by 23%, marine products by 17% and readymade fabric by 4.6%.
Overall, the surge successful smartphone exports to the U.S. masked the diminution successful sectors deed by tariffs. This explains wherefore full exports to the U.S. roseate contempt the caller duties. But what astir the items that did suffer?
The mentation follows 2 chiseled paths: for immoderate commodities, the stroke from U.S. tariffs was partially blunted, portion for others, Indian exporters managed to not lone sorb the deed but besides summation wide exports by diversifying into different markets. The chart below shows the alteration successful full exports betwixt September-November 2025 and the 2023-24 mean for the aforesaid months
Consider marine products, wherever wide exports grew by astir 17% betwixt the considered periods, contempt a near-identical diminution successful shipments to the U.S. Moreover, the U.S. continued to beryllium a ascendant purchaser successful 2025 with a marketplace stock exceeding 30%.
So, exporters did much than conscionable sorb the stroke successful a traditionally babelike market; they besides pivoted to different destinations, driving full export adjacent higher than earlier successful marine products. As shown successful the table below, marine exports to China — already a robust purchaser — grew by 23% during the aforesaid period.
Simultaneously, India made important inroads into comparatively newer territories — betwixt September and November 2025, India exported implicit $50 cardinal worthy of marine products to Spain.
This enlargement extended crossed Europe, with marine shipments to Belgium surging by 124%, portion exports to the Netherlands (56%), Germany (65%), and Italy (23%) each posted important gains. So, the spread near by the U.S. was filled by a premix of strengthening alliances and discovering caller ones.
“Shipments to the EU and China person accrued implicit the past fewer months. We petition the Centre to intervene and person Free Trade Agreements with different countries to assistance the aqua sector,” Seafood Exporters Association of India (SEAI) Andhra Pradesh president K. Anand Kumar said.
A akin strategy was recorded successful the lawsuit of readymade fabric garments also, with increases successful exports to European markets helping present too. The table below shows India’s readymade fabric garments exports to assorted countries betwixt September to November of 2025
“The Rupee astatine 90 is simply a bully instrumentality for Indian exporters to find caller markets. It helps propulsion exports to assorted markets,” said Siddhartha Rajagopal, Executive Director of the Cotton Textiles Export Promotion Council.
With inputs from Rajulapudi Srinivas and M. Soundariya Preetha
