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Export headwinds: Can services ride them out?

Mint Bangalore

|

November 05, 2025

Weak merchandise exports to the US aren't a surprise, but service exports have slumped too. However, India's 'de facto exports' could rise even as direct earnings from service exports fall

At first glance, India's export story remains intact. Merchandise exports grew 6.7% year-on-year this September, on par with their growth in August. That's the good news. As September was the first full month in which America's steep 50% extra tariff came to bear on our US-bound exports, the fact that overall shipments held up against this adversity offers some cause for comfort.

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