New Delhi: India’s export performance has stayed steady even though global markets are going through ups and downs, according to a report by SBI Research, shared by news agency ANI. The report says India’s merchandise exports reached USD 220 billion between April and September in FY26, which is a 2.9 per cent increase from USD 214 billion in the same months last year.
Exports to the United States rose 13 per cent to USD 45 billion. However, exports in September fell by almost 12 per cent compared to September last year. The US remains an important buyer, but its share in India’s total exports has gone down since July 2025, falling to 15 per cent in September.
The report shows mixed trends across sectors. The US share in India’s marine product exports dropped from 20 per cent in FY25 to 15 per cent in September. Its share in precious stones fell sharply from 37 per cent to only 6 per cent. Even so, both marine products and ready-made cotton garments grew overall between April and September.
At the same time, India’s trade has become more geographically spread out. Countries like the UAE, China, Vietnam, Japan, Hong Kong, Bangladesh, Sri Lanka and Nigeria increased their share in several product categories. SBI Research suggests that some exports may be routed indirectly, pointing out that Australia’s share in US imports of precious stones rose from 2 per cent to 9 per cent and Hong Kong’s from 1 per cent to 2 per cent.
India is also dealing with higher US tariffs under the Trump administration, which have affected textiles, jewellery and seafood, especially shrimp. To support exporters, the government has approved assistance worth Rs 45,060 crore, including Rs 20,000 crore in credit guarantees.
The rupee weakened to 89.49 against the US dollar on Friday due to global financial pressure. The Reserve Bank of India said it does not protect any fixed exchange rate, and analysts believe the fall is temporary.
India’s current account deficit fell to 0.2 per cent of GDP in the first quarter of FY26, from 0.9 per cent a year earlier, helped by strong services exports and remittances. SBI Research expects the deficit to increase slightly in the next two quarters but turn positive by the end of the financial year. It forecasts a full-year deficit of 1.0–1.3 per cent of GDP and a balance-of-payments gap of up to USD 10 billion.
