India’s export performance has remained steady even as global markets face volatility, said SBI Research, which shared its assessment. According to news agency ANI, the report states that goods exports between April and September in FY26 reached $220 billion, up 2.9 percent from $214 billion in the same period last year. Exports to the United States also rose 13 percent to $45 billion, although shipments fell nearly 12 percent year-on-year in September.The US remains an important market, but its share of total Indian exports has fallen since July 2025 to 15 percent in September. SBI Research highlights mixed sectoral trends. The US share of India’s marine exports fell from 20 percent in FY25 to 15 percent in September, and the US share of gemstones fell sharply from 37 percent to 6 percent. However, both maritime products and cotton ready-to-wear still showed growth in the April-September period.At the same time, according to ANI, India’s export basket has become more geographically diverse. Countries such as the UAE, China, Vietnam, Japan, Hong Kong, Bangladesh, Sri Lanka and Nigeria saw higher shares across product groups. SBI Research suggests some of this may indicate indirect routing of Indian goods, noting that Australia’s share of US gemstone imports rose from 2 percent to 9 percent, while Hong Kong’s share rose from 1 percent to 2 percent.On the trade policy front, India has been grappling with higher US tariffs under the Trump administration, which have impacted textiles, jewelry and seafood, especially shrimp. To support exporters, the government has approved Rs 45,060 crore in support, including Rs 20,000 crore in credit guarantees.The rupee also faced pressure, falling to 89.49 against the dollar on Friday amid global financial turbulence. According to ANI, the Reserve Bank of India reiterated that it is not advocating a fixed exchange rate, and analysts see the decline as a temporary adjustment.India’s current account deficit narrowed to 0.2 percent of GDP in the first quarter of FY26, improving from 0.9 percent a year earlier, supported by service exports and remittances. SBI Research expects the deficit to widen modestly over the next two quarters before turning positive by the end of the fiscal, with a full-year deficit of 1.0 to 1.3 percent of GDP and a balance of payments deficit of up to $10 billion.
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