Indian exporters secure new markets to offset US tariff hit

Indian gem and jewellery, textile and marine exporters have successfully diversified into new markets across Asia, Europe and Latin America, offsetting the impact of punitive US tariffs that have dampened demand from their traditional largest buyer, trade data shows.

- Rajeev Jayaswal

Despite a sharp 17.46% fall in gem and jewellery exports to the US-dropping to $5.73 billion in January-September 2025 from $6.94 billion in the same period the previous year-India's overall gem and jewellery exports grew 1.24% to cross $22.73 billion, according to a granular analysis of government data. The losses were largely compensated by surging demand from the UAE under the India-UAE free trade agreement, alongside dramatic growth in emerging luxury and investment-driven markets such as Mexico (693%), China (96%) and South Korea (134%).

Similarly, textile exports recorded a growth of 1.23%, crossing $28 billion despite US textile demand rising by a marginal 0.2%. Marine product exports posted the strongest performance overall, jumping 15.6% year-on-year to $4.83 billion, with individual markets showing even sharper gains-Vietnam's marine exports surged over 100%, while Belgium and Thailand also recorded substantial increases.