Business
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.
Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
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Business
World’s Second-Largest Shipping Firm Maersk Suspends Cargo Bookings Across West Asia Amid War
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Maersk has halted cargo bookings to several West Asian ports due to war disruptions. Affected ports include UAE, Iraq, Kuwait, Qatar, Bahrain, most of Oman, and two in Saudi.
Maersk cited regional conflict and personnel safety as it suspended cargo bookings across West Asia, signalling growing disruption to global trade routes. (IMAGE: REUTERS)
Maersk, the world’s second-largest container shipping company that handles a significant share of global trade, said it has suspended cargo bookings to and from several ports in the West Asia region as the ongoing war begins to disrupt global shipping routes.
The company on Wednesday said it will no longer accept cargo bookings involving ports in the United Arab Emirates, Iraq, Kuwait, Qatar, Bahrain, most of Oman and two ports in Saudi Arabia, according to a report by Barron’s.
However, the suspension will not apply to shipments of critical food supplies, medicines and other essential goods, which will continue to move through the region.
Maersk said the decision was part of operational measures aimed at protecting personnel and safeguarding cargo amid the escalating conflict.
“We are taking operational measures to ensure the safety of our personnel, safeguard your cargo and maintain service stability across affected trades in the Middle East,” the company said in a statement accessed by Barron’s.
Maersk had earlier announced that it would reroute vessels bound for the Suez Canal around the southern tip of Africa and suspend all vessel crossings through the Strait of Hormuz as tensions escalate in the region.
The changes mean ships travelling between Asia and Europe may now take longer routes around the Cape of Good Hope, adding time and cost to global shipping, the news agency said in its report.
Financial markets also reacted to the development. Shares of Maersk traded in Denmark fell nearly 2% on Wednesday following the announcement.
The disruption comes as insurance providers pause coverage for vessels operating in parts of the Gulf amid the intensifying conflict.
US President Donald Trump on Tuesday said the United States Navy would escort oil tankers through the Strait of Hormuz if necessary, as concerns mount over energy supply disruptions.
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March 05, 2026, 02:15 IST
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