Kolkata. India’s exports to the US have declined, while exports to non-US destinations remain strong and have surpassed previous growth figures. Rating agency CRISIL has given this information in its October report. According to the report, merchandise exports to the US declined by 11.9 percent to US $ 5.5 billion in September after registering a growth of seven percent in August 2025.
The agency said had the consignment not been loaded before the duty increase, the decline would have been even sharper. In contrast, exports to non-US markets grew 10.9 percent in September, faster than the 6.6 percent growth in August 2025. The decline in exports to the US comes after the Donald Trump administration decided to impose 50 percent duty on Indian goods with effect from August 27.
CRISIL has cautioned that India’s merchandise exports face challenges due to US tariff hike and a broader slowdown in global growth. The World Trade Organization has estimated that global merchandise trade volume will grow 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 on the back of strong services exports, stable remittance inflows and subdued crude oil prices. It has said in its forecast that CAD will be about one percent of the gross domestic product (GDP) in the current financial year, which is more than 0.6 percent last year.
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