Tariff Blues: India's Exports To US Fall For Second Month In Row

India's goods exports to the United States fell for the second straight month in September as US tariff measures began to bite key sectors like textiles, gems and jewellery, and marine products.

Exports to the US slipped to $5.43 billion in September, down from $6.87 billion in August, marking a nearly 21% month-on-month drop. Imports from the US, however, rose to $3.98 billion from $3.6 billion in the previous month, according to the latest trade data by the Ministry of Commerce.

Commerce Secretary Rajesh Agrawal acknowledged the tariff impact but said India's exports to the US remained "in the green" on a cumulative basis. "Part of the industry that's not facing tariffs is growing, while the impacted sectors are fighting these challenges," he told NDTV Profit, adding that the real impact of the tariffs would begin to reflect from September and October data.

Agrawal said the ministry was analysing which product segments were facing headwinds. "We will understand what kind of tariff impact each commodity is facing. About 45% of our exports are unaffected, but the remaining 55% will see some level of disruption," he said.

Data for April–September shows overall exports remain supported by engineering goods ($59.36 billion), petroleum products ($30.63 billi ), and electronics ($22.2 billion). Imports were led by petroleum crude ($56.15 billion), electronic goods ($29.61 billion) and gold ($26.51 billion), indicating persistent energy and electronics demand.

Agrawal remained optimistic, expecting US-bound exports to return to a growth trajectory as negotiations continue to ease tariff pressures. "We are hopeful that sectors currently under strain will stabilise once the immediate tariff phase settles."