India's merchandise exports fell 11.8% year-on-year, since Aug. 2024, to $34.38 billion in October, Crisil said in its report.
This follows a 50% increase in US tariffs on Aug. 27 this year, a move that has subdued exports for the second month in a row, the report said.
The decline in exports was broad-based across petroleum products, gems and jewellery and core sectors.
Petroleum products exports declined 10.4% year-on-year in October, compared to a growth of 15.1% in September. Similarly, core exports slipped to 10.2% compared to 6.1% growth in Sept. 2025, the report said.
Merchandise exports to US decreased 8.6% year-on-year to $6.3 billion in October. This was an improvement from the 11.9% decline in September, according to the report.
The announcement by the US on Nov. 16 to cut tariffs on 254 food items bodes well for some of the agricultural exports, such as tea and spices, the report said.
Exports to non-US markets fell 12.5% year-on-year, compared to 10.9% growth in September.
The report said that India's current account deficit (CAD) is expected to remain manageable, supported by robust services trade, remittances and softer crude prices.
India's merchandise imports remained stable in October 2025 at $76.06 billion, the report said.
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