India’s Exports to US Fall 20% in September as Trump Tariffs Bite: GTRI

India’s exports to the US fell to $5.5 billion in September, down 20.3% from $6.87 billion in August, the sharpest monthly fall of 2025 and the fourth consecutive sequential decline, according to a report by think tank GTRI.

September was also the first full month in which Indian goods faced Washington’s 50% tariffs on most products.

In May 2025, exports to the US rose just 4.8% to $8.8 billion, marking the last month of growth before the duties took hold. Exports then fell 5.7% in June to $8.3 billion, 3.6% in July to $8.0 billion, and a steep 13.8% in August to $6.9 billion, said GTRI.

Between May and September, India’s exports to the US have dropped by almost 37.5%, wiping out more than $3.3 billion in monthly shipment value, it said.

The data confirm that the US has become India’s most severely affected market since the tariff escalation began, with sectors such as textiles, gems and jewellery, engineering goods, and chemicals suffering the heaviest losses, said Ajay Srivastava, founder of GTRI.

India’s Exports to the US