India’s Exports to US Decline: Report
Kolkata: In its October report, rating agency Crisil stated that India’s exports to the US contracted, while shipments to destinations outside the US remained strong, exceeding previous growth figures.
According to the report, goods exports to the United States decreased by 11.9 percent in September to $5.5 billion, after recording a growth of 7 percent in August 2025. The institution noted that the decline would have been sharper if shipments had not been pre-loaded before the tariff increase.
By contrast, exports to markets outside the United States increased by 10.9 percent in September, down from 6.6 percent growth in August 2025.
The decline in exports to the US follows the Trump administration’s decision to impose 50 percent tariffs on Indian goods from August 27.
Crisil warned that India’s goods exports face headwinds from US tariff increases and a broader slowdown in global growth.
The World Trade Organization predicts that global goods trade volumes will increase by 2.4 percent in 2025, compared to 2.8 percent in 2024.
Despite these challenges, Crisil expects India’s current account deficit (CAD) to remain within manageable limits, supported by strong services exports, stable remittance inflows and decline in crude oil prices.
Its forecast stated that the current account deficit in the current fiscal year would be around 1 percent of GDP; This rate is higher than 0.6 percent in the previous year.
