India’s export growth momentum seen extending into 2026

Indian exporters adapted by diversifying markets in 2025, keeping export growth resilient with momentum despite the year marked by a steep 50% US duty. The momentum is likely to extend into 2026, as per a report.

The country’s merchandise exports responded with agility to a series of disruptions caused by the Covid-19 pandemic (2020-22), the Russia-Ukraine war (since 2022), the Israel-Hamas war (since 2023), the Red Sea shipping crisis (2023-24), the semiconductor supply crunch, and now the high tariffs of the US. From $276.5 billion in 2020, outbound shipments increased to $395.5 billion in 2021 and $453.3 billion in 2022. They dipped to $389.5 billion in 2023, but momentum picked up again, with exports rising to $443 billion in 2024. In 2025 (January-November) so far, they have reached $407 billion, as per a report.

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