India Diversifies Exports, Reduces US Dependence: Elara Securities Report

• India's export market shows a post-tariff rebalancing, reducing reliance on the US and expanding to West Asia, Asia, and emerging markets.
• US share in India's exports dropped from 22.5% to 17.8%; UAE, China, Saudi Arabia, Spain, and Hong Kong saw gains.
• Traditional European partners maintained stable shares, with gains in Germany, Italy, and Spain offsetting moderation in Netherlands and UK.
• Elara Securities projects merchandise exports to grow 4.5-5% by FY27E and services exports by 12-13%, driven by GCC economies.
• Electronics, pharmaceuticals, organic chemicals, and engineering goods anchor export performance, with electronics exports up 37.3% year-on-year.

Why It Matters: India's exports are resilient, diversifying away from the US towards West Asia and Asia despite global challenges.