India’s exports grew 5.2% year-over-year to USD 36.38 billion in September 2025, following a modest 1.1% increase in August and hovering near a nine-month low. The sluggish growth in recent months was likely influenced by delays in the US-India trade deal. With the US accounting for roughly 20% of India’s goods exports, any slowdown in bilateral trade momentum could continue to weigh on outbound shipments.