India\u2019s merchandise exports to the United States contracted by 11.9 per cent year on year (YoY) to $5.5 billion in September this year, after recording a 7-per cent YoY growth in August, while exports to non-US markets expanded by 10.9 per cent YoY in the month, accelerating from a 6.6-per cent YoY growth in August, rating agency Crisil recently said.<\/p>\n
The decline followed the Trump administration’s decision to impose a 50-per cent tariff on Indian goods, effective from August 27. Without the frontloading of shipments ahead of the US tariff hike, the fall would have been sharper, it noted.<\/p>\n
India’s merchandise exports to the US contracted by 11.9 per cent YoY in September, after recording a 7-per cent YoY growth in August, while exports to non-US markets expanded by 10.9 per cent YoY in the month, accelerating from a 6.6-per cent YoY growth in August, Crisil recently said.
\nRMG exports contracted\u2014from a YoY drop of 2.6 per cent in August to a decrease of 10.1 per cent YoY in September.<\/p>\n
The country\u2019s overall merchandise exports rose by 6.7 per cent YoY to reach $36.4 billion in September, demonstrating resilience despite global economic headwinds and the additional US tariffs. Exports rose for the third straight month, following a similar pace in August.<\/p>\n
Exports of organic and inorganic chemicals weakened\u2014from a YoY growth of 3.8 per cent YoY in August to to a YoY growth of 1.8 per cent in September.<\/p>\n
Exports of readymade garments contracted\u2014from a YoY drop of 2.6 per cent in August to a decrease of 10.1 per cent YoY in September. Within this category, exports of cotton yarn contracted by 11.7 per cent YoY in the month compared to a contraction of 2.3 per cent in August, and those of man-made yarn contracted by 2.3 per cent YoY compared to a 3.1-per cent drop in August.<\/p>\n
The country\u2019s merchandise exports are facing headwinds from US tariff hikes and a broader slowdown in global growth, Crisil cautioned in a note.<\/p>\n
Crisil expects India’s current account deficit (CAD) to remain within manageable limits, backed by strong services exports, steady remittance inflows and easing crude oil prices. The CAD will be around 1 per cent of gross domestic product (GDP) in this fiscal, up from 0.6 per cent in the previous, it projected.<\/p>\n
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Fibre2Fashion News Desk (DS)<\/p>\n
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