India has reduced its excessive dependence on America and is doing business extensively with other countries.

New Delhi. According to a report by Elara Securities, India’s export market has been clearly rebalancing post tariffs in recent months. The country has reduced its dependence on the US and increased its presence in other geographies. According to the report, the structure of India’s export market reflects a strategic shift away from over-dependence on the US towards greater geographical diversification in the Middle East, Asia and select emerging markets.

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According to the report, the structure of India’s export market also shows a clear rebalancing after the tariffs. India is moving away from over-dependence on the US towards greater geographical diversification into the Middle East, Asia and select emerging markets. The US share in India’s exports declined from 22.5 percent in the pre-tariff period to 17.8 percent in the post-tariff period. In contrast, markets such as UAE, China, Saudi Arabia, Spain and Hong Kong have recorded significant growth, indicating effective trade redirection and market substitution by Indian exporters. Traditional European trading partners maintained a broadly stable share, the report said. Slight increases in countries such as Germany, Italy and Spain helped offset the decline seen in the Netherlands and the UK. Elara Securities said this trend highlights the resilience of India’s export ecosystem despite global uncertainties and tariff-related challenges. The report expects export resilience to continue through FY27E. Goods exports are estimated to grow by 4.5-5 per cent in FY27E, while the estimated growth in FY26E was two per cent. Services exports are also expected to remain resilient, supported by the ongoing boom in the GCC economies. India’s merchandise exports have shown resilience despite tariff barriers and volatility in global demand. This performance was underpinned by continued strength in non-tariff and high value-added sectors, the report said. Electronics, pharmaceuticals, organic chemicals and engineering goods are maintaining the export performance, with their combined share continuously increasing.