Kolkata, Nov 22 (PTI) India's merchandise exports fell 11.8 per cent year-on-year, since August 2024, to USD 34.38 billion in October, Crisil said in its report.

This follows a 50 per cent increase in US tariffs on August 27 this year, a move that has subdued exports for the second month in a row, the report said.

The decline in exports was broad-based across petroleum products, gems and jewellery and core sectors.

Petroleum products exports declined 10.4 per cent year-on-year in October, compared to a growth of 15.1 per cent in September. Similarly, core exports slipped to 10.2 per cent compared to 6.1 per cent growth in September 2025, the report said.

Merchandise exports to US decreased 8.6 per cent year-on-year to USD 6.3 billion in October. This was an improvement from the 11.9 per cent decline in September, according to the report.

The announcement by the US on November 16 to cut tariffs on 254 food items bodes well for some of the agricultural exports, such as tea and spices, the report said.

Exports to non-US markets fell 12.5 per cent year-on-year, compared to 10.9 per cent growth in September.

The report said that India's current account deficit (CAD) is expected to remain manageable, supported by robust services trade, remittances and softer crude prices.

India's merchandise imports remained stable in October 2025 at USD 76.06 billion, the report said. PTI dc RG

Merchandise exports fell 11.8% to USD 34.38bn in October, driven by higher US tariffs and broad sectoral weakness. Merchandise exports fell 11.8% year on year to USD 34.38 billion in October, driven by a 50% increase in US tariffs and broad declines across petroleum products, gems and jewellery, and core sectors; exports to the US fell 8.6% to USD 6.3 billion while non US markets dropped 12.5%. The report notes a US tariff cut on 254 food items that may aid some agricultural exports and projects a manageable current account deficit supported by services trade, remittances and softer crude prices, with merchandise imports stable at USD 76.06 billion.