&imwidth=800&imheight=600&format=webp&quality=medium "Exports to US bounce back in October, ending India’s four-month dip after Trump tariff shock")
Indian exports to the United States have shown signs of recovery in October after a four-month slump, signalling an easing of the tariff shock as the 50 per cent levies imposed by President Trump in May are still in place. The exports to the US stood at $6.3 billion in October, showing a 14.5 per cent jump from September, marking the first monthly surge since May. However, the exports remain 8.5 per cent less compared to $6.9 billion recorded in October 2024.
The improved data came as Indian state-run oil firms agreed to import more liquefied petroleum gas (LPG) from the US, and Trump exempted many farm goods from reciprocal tariffs that could benefit India.
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Trade deal negotiations between the two countries are underway, with an Indian official saying that key aspects of the deal were nearing closure.
The jump in India's exports to the US came at a time when India's overall exports fell 11.8 per cent year-on-year in October, with only five of its top markets reporting any growth. Only Spain, China, Hong Kong, Brazil, and Belgium registered year-on-year growth in October.
On the other hand, 15 of the top export destinations recorded a year-on-year decline, including exports to Singapore plunging a sharp 54.9 per cent, and Australia dropping 52.4 per cent. Shipment to the UK, Italy, the Netherlands and France also recorded a double-digit decline, flagging a drop in global demands, according to a GTRI report released on Monday.
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The report suggests, the October surge in exports to the US offers temporary relief but does not reverse the overall trend. India's US-bound shipments have shrunk around 28.8 per cent from May, when the tariffs came into effect, to October, causing more than $ 2.5 billion decrease in monthly export value during the period.
