Business: India’s exports to America have declined amid the ongoing impasse over tariffs, while exports to 24 countries including South Korea, Belgium, Italy, United Arab Emirates, Germany, Egypt have increased.

Reflecting a clear trend of market diversification, Indian exporters recorded positive growth in 24 countries during the first half of the current financial year, while exports to the US declined due to higher tariffs in September, according to rating agency CRISIL’s October report.

India’s goods exports to the US declined by 11.9 percent to $5.5 billion in September, whereas it had increased by 7 percent in August 2025. Had the goods not been supplied early (frontloading) before the tariff increase, the decline would have been greater. In contrast, exports to non-US markets grew 10.9 percent in September, higher than the 6.6 percent increase in August.

Positive growth of $129 billion…The 24 countries where India’s exports have increased include South Korea, UAE, Germany, Togo, Egypt, Vietnam, Iraq, Mexico, Russia, Kenya, Nigeria, Canada, Poland, Sri Lanka, Oman, Thailand, Bangladesh, Brazil, Belgium, Italy and Tanzania. Exports to these countries registered a positive growth of $ 129.3 billion in April-September 2025-26, which is 59 percent of India’s total exports.

Exporters eye other markets
Exporters are focusing on other markets such as Africa, Latin America and the Middle East. The US and India are negotiating a bilateral trade agreement.