India’s exports to the United States have plunged sharply following Washington’s imposition of 50 per cent tariffs on most Indian goods. September 2025 shipments fell to $5.5 billion, down 20.3 per cent from August, marking the fourth consecutive monthly decline and erasing over $3.3 billion in monthly trade since May, according to a report from GTRI.
Exports fall sharply
Trade data shows that Indian exports to the US fell from $8.8 billion in May — the last month of growth — to $8.3 billion in June (–5.7%), $8.0 billion in July (–3.6%), $6.9 billion in August (–13.8%), and finally $5.5 billion in September (–20.3%), according to GTRI data. September was the first full month in which most Indian goods faced Washington’s 50 per cent tariff. “The data confirm that the United States has emerged as India’s most severely affected market since the tariff escalation began,” stated the report.
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Key sectors hit hard
Key sectors bearing the brunt of the decline include textiles, gems and jewellery, engineering goods, and chemicals. The sharp fall in shipments highlights the growing impact of the tariff regime, which started at 10 per cent, rose to 25 per cent in early August, and reached 50 per cent by the end of the month.