Export headwinds: Can services ride them out?

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

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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.