New Delhi: India’s exports to the United States have plunged sharply across sectors, declining by 37.5 per cent between May and September 2025, following steep tariff hikes imposed by Washington under President Donald Trump’s trade policy.
According to Kashmir Media Service, citing a report by India’s Global Trade Research Initiative (GTRI), the export value fell from USD 8.8 billion to USD 5.5 billion in just five months — one of the steepest short-term collapses in recent years.
The GTRI analysis found that the US duties, which began at 10 per cent in April and climbed to 50 per cent by late August, severely hit India’s key export sectors.
Smartphone shipments alone crashed by 58 per cent, from USD 2.29 billion in May to USD 884.6 million in September, while pharmaceutical exports slipped nearly 16 per cent.
Gems and jewellery exports—mainly from Surat and Mumbai—plummeted almost 60 per cent as buyers turned to Thailand and Vietnam. Similarly, exports of solar panels fell by over 60 per cent, while industrial metals and auto parts posted a 17 per cent overall drop.
GTRI said the collapse in tariff-free product exports, down 47 per cent, shows the scale of India’s vulnerability. Labour-intensive sectors such as textiles, chemicals, and agri-foods, which make up 60 per cent of India’s US exports, also suffered heavy losses.
The think tank warned that India could lose long-held market shares to Vietnam, Mexico, and China unless urgent support measures are introduced. It urged the government to offer emergency credit lines, faster duty refunds, and interest support to exporters facing liquidity pressure.
“The data make one point clear — the tariffs have not only squeezed India’s trade margins but also exposed deep structural weaknesses across its key industries,” GTRI concluded.
