SBI research in its latest report has said that share of India's merchandise exports to other countries increased as shipments to the US declined since July 2025, indicating diversification of export basket across product categories. The report said India's total merchandise exports during April-September 2025 inched up by 2.9 per cent to $220 billion compared to $214 billion in the year-ago period. 

Cumulative exports to the US also registered a growth of 13 per cent to $45 billion in the April-September period from $40 billion in the year-ago period, though there could be some front-loading effects to the aftermath, with September figures registering negative year-on-year growth of about 12 per cent. Further, the report said the share of the US in India's exports has been declining since July 2025, falling to 15 per cent in September, mainly because of a decline in exports of marine products, precious and semi-precious stones, ready-made cotton garments, and cotton fabrics.

The report said ‘Interestingly, the share of India's merchandise exports to other countries during this period has increased significantly, indicating the diversification of our exports basket with the UAE, China, Vietnam, Japan, and Hong Kong, as also Bangladesh, Sri Lanka, and Nigeria being among the top destinations (over FY25) across different product categories.’