New Delhi, Sept. 24 -- Even as India debates how badly tariffs will hurt exports to the US, privately gathered data has arrived that's somewhat disheartening. From May 2025 to August, India's goods exports to the US fell 22.2% to $6.9 billion, according to the Global Trade and Research Initiative (GTRI).

The drop itself isn't surprising, given how much more expensive the new tariffs make Indian goods in America.

Buyers would have sought alternatives. What may be surprising, however, is how broad-based the fall was. It included items left uncovered by tariffs, such as smartphones, though a pre-tariffs export surge may have inflated earlier data.

Notably, India faced only a 25% extra tariff till late August, so the impact of the rate dou...