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India's merchandise exports fell 11.8% year-on-year, since Aug. 2024, to $34.38 billion in October, Crisil said in its report.

This follows a 50% increase in US tariffs on Aug. 27 this year, a move that has subdued exports for the second month in a row, the report said.

The decline in exports was broad-based across petroleum products, gems and jewellery and core sectors.

Petroleum products exports declined 10.4% year-on-year in October, compared to a growth of 15.1% in September. Similarly, core exports slipped to 10.2% compared to 6.1% growth in Sept. 2025, the report said.

Merchandise exports to US decreased 8.6% year-on-year to $6.3 billion in October. This was an improvement from the 11.9% decl

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