Trump Tariffs Slam India: Exports Crash In 15 Out Of 20 Top Markets, See Where The Big Blow Hit

New Delhi: India’s exports plunged into troubled waters in October as tariffs and geopolitical tensions slowed shipments to most major markets. According to the latest data from trade think tank Global Trade Research Institute (GTRI), out of India’s top 20 export destinations, only five saw growth. The remaining 15 markets reported declines, exposing vulnerabilities in India’s export trade amid global demand fluctuations and policy barriers.

GTRI founder Ajay Srivastava highlighted that October revealed contrasts in performance across India’s export markets. Key destinations including Singapore, Australia, Italy and the United Kingdom, witnessed double-digit declines. The data highlights how external shocks and regulatory hurdles are challenging India’s trade resilience.

Exports Surge In Five Countries

Overall shipments fell 11.8% in October. Growth was confined to just five markets. Exports to Spain jumped 43.43% and China saw a 42.35% rise, primarily due to higher shipments of petroleum products.

Hong Kong recorded a modest increase of 6%, Brazil grew by 3.54% and Belgium by 2.22%, according to Economic Times.

Exports Slump Across 15 Major Markets

The other 15 countries recorded declines, revealing the depth of India’s external trade challenges. Shipments to the United States fell 8.58%, while exports to the UAE dropped 10.17%. Singapore saw the steepest fall at 54.85%, followed by Australia at 52.42%, Italy at 27.66%, the UK at 27.16% and the Netherlands at 22.75%.

Other affected markets included Malaysia (-22.68%), South Korea (-16.43%), Germany (-15.14%), France (-14.28%), Bangladesh (-14.10%), Nepal (-12.64%), South Africa (-7.54%) and Saudi Arabia (-1.12%).

MSMEs Feel The Brunt

Micro, small and medium enterprises (MSMEs) are the hardest hit, as they contribute nearly 40% of India’s total exports. Many companies are grappling with order cancellations, shrinking margins and working capital pressures.

Rajat Mehra, co-coordinator of the CII UP MSME panel and director of Rajat Chemicals, stated that tightening global conditions naturally increase stress on MSME exporters.

Textile Sector Hit Hard

Sanjay K. Jain, chairman of the ICC National Textiles Committee and managing director of TT Textiles, said U.S. tariffs have already taken a toll on shipments.

He highlighted that a 10-12% decline in textile exports is not surprising and warned that the drop could exceed 15% in the coming months as current stockpiles run out.

India’s export slowdown paints a challenging picture for the economy. Businesses across sectors now brace for months of uncertainty, with tariffs, geopolitical tensions and global demand shifts all adding to the pressure on Indian exporters.