Share of India's merchandise exports to other countries increased as shipments to the US declined since July 2025, indicating diversification of export basket across product categories, according to an SBI research report.

India's total merchandise exports during April-September 2025 inched up by 2.9% to $220 billion compared to $214 billion in the year-ago period, the report said.

Cumulative exports to the US also registered a growth of 13% to $45 billion in the April-September period from $40 billion in the year-ago period, though there could be some front-loading effects to the aftermath, with September figures registering negative year-on-year growth of about 12%, said 'Ecowrap', the SBI's research report.

The report further said the share of the US in India's exports has been decli

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