The Economic Times reported on November 2 that a report by the Indian think tank "Global Trade Research Initiative" (GTRI) pointed out that India's exports to the US have significantly declined due to Trump's tariffs. Data shows that from May to September 2025, India's exports to the US fell from USD 8.8 billion to USD 5.5 billion, a decrease of 37.5%, one of the most severe short-term declines in India's exports to the US in recent years. The US is India's largest export market, and the high tariffs during Trump's second term have severely impacted India's exports. Duty-free goods were the most affected - this category previously accounted for nearly a third of India's total exports to the US, and now its exports have plummeted by 47%, from USD 3.4 billion in May to USD 1.8 billion in September. Exports of smartphones from India to the US fell from USD 2.29 billion to USD 884.6 million, a drop of 58%; pharmaceutical product exports fell by 15.7%, from USD 745.6 million to USD 628.3 million. Overall exports of metals and auto parts declined by about 16.7%, with aluminum and copper falling by 37% and 25% respectively. Labor-intensive industries account for nearly 60% of India's exports to the US, but their exports also contracted by 33% overall. In addition, exports of solar panels from India dropped by 60.8%, and India's competitiveness in the renewable energy market has been significantly weakened. The report pointed out that the severe export recession caused by US tariffs highlights the structural vulnerability of India's export economy. Without timely policy intervention, India's market share in multiple traditional competitive industries will be taken over by Vietnam, Mexico, and China. Currently, Indian exporters are urging the Modi government to introduce emergency relief policies, including reducing financing costs, expanding tax exemptions, and providing emergency credit support for small and medium-sized exporters.

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