India’s export basket is becoming more diversified, with shipments to Germany and China gaining ground even as the US remains the dominant trading partner, Commerce Ministry data for April–August shows.
Exports to Germany rose to $4.7 billion during April-August 2025 from $4.2 billion a year earlier. As a share of India’s overall exports, Germany accounted for 2.5 percent this year from 2.3 percent in 2023 and 2024. China, too, has gained ground. India shipped goods worth $6.95 billion to China in the first five months of FY26, up from $5.8 billion in the same period of FY25, lifting Beijing’s share of India’s export basket to 3.8 percent, its highest since 2022.
By contrast, some traditional markets have softened. Shipments to the Netherlands fell to $9.1 billion in 2025, after peaking at $11.2 billion in 2024, while exports to Singapore declined to $4.9 billion from $5.6 billion.
The US, however, remains firmly at the top. Exports surged to $40.4 billion, giving the country a 21.9 percent share of India’s total exports, up from 19 percent in 2024.
However, Trump’s 50 percent additional tariffs are likely to hurt India’s exports. An analysis shows that India’s exports to the US grew at the slowest pace in 10 months, at 7.2 percent in August.
At the regional level, the numbers suggest a gradual rebalancing. The Middle East’s share has held steady at just under 10 percent, while South Asia and Asia more broadly remain flat. The European Union, despite Germany’s rise, saw its collective share drop to 11.5 percent in 2025 from 12.6 percent a year earlier.
BRICS partners have also lost traction, accounting for just 3.1 percent of India’s exports in 2025 compared with 4.4 percent in 2022.