India’s merchandise exports up with non-US countries: SBI

Even as the share of the US in India’s merchandise exports has been declining since July 2025, the share of other countries has increased significantly, indicating diversification of the country’s export basket, according to a report by SBI’s Economic Research Department. The bank’s economic researchers observed that the UAE, China, Vietnam, Japan, Hong Kong, Bangladesh, Sri Lanka and Nigeria are among the top destinations (over FY25) across different product categories. 

The diversification of the export basket comes in the backdrop of the US slapping a steep 50% import tariff on Indian goods entering the country. India’s total merchandise exports in the first half of FY26 inched up 2.9% to $220 billion ($214 billion in H1 FY25). A break-up of the country-wise exports shows that there is a decline in the share of the US in India’s total exports to 15% in September 2025 from 19.8% in FY25, as per a report.

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