FX.co ★ India’s Shipments to US Slide 8.6% in October

India's exports to the United States experienced an 8.6% decline year-on-year, registering USD 6.3 billion in October 2025. This followed a 12% decrease the previous month, attributed to stringent tariffs instituted by US President Donald Trump. These tariffs, implemented in August, are notably comprehensive, featuring a 50% total tariff—a split into a 25% penalty on purchases of Russian oil and a 25% general tariff. Specific export data by product category to the US remains pending. However, it was reported that exports of engineering goods took a significant hit, dropping 16.71% in October. Other sectors were similarly affected, with textiles and apparel exports decreasing by 8.34% and those in gems and jewellery falling by 25%. On the contrary, electronics exports surged by 25%. Furthermore, India’s trade surplus with the US fell dramatically by 54%, declining from USD 3.17 billion in April to USD 1.45 billion in October. In aggregate terms, India's exports dropped 11.8% year-on-year to USD 34.38 billion in October. Meanwhile, imports soared to an unprecedented USD 76.06 billion, driven partly by increased gold and silver purchases, culminating in a record trade deficit of USD 41.68 billion.