New Delhi, Nov. 5 -- At first glance, India's export story remains intact. Merchandise exports grew 6.7% year-on-year this September, on par with their growth in August. That's the good news. As September was the first full month in which America's steep 50% extra tariff came to bear on our US-bound exports, the fact that overall shipments held up against this adversity offers some cause for comfort.

However, a closer look at the month's numbers released by the ministry of commerce, broken up by destination, offers a less cheerful picture. Exports to the US, our largest trade partner, fell 12% from their level a year earlier, marking their fourth straight month of decline.

This was only to be expected, given the harsh levies imposed by ...