India’s exporters have weathered Washington’s 2025 tariff shock with a mixed scorecard: while smartphones, natural honey, cocoa butter, and tranquilisers posted striking gains between April and August, diamonds and emeralds lost significant ground.

A Moneycontrol analysis of product-level (HS code) export data shows that among items with at least $5 million worth of shipments to the US, nearly half declined year-on-year after the new tariffs took effect. Yet, several consumer-tech and pharmaceutical lines surged enough to keep the overall basket in positive territory.

Smartphones lead the charge

The standout performer was smartphones, which remain outside the tariff net. Shipments to the US nearly tripled to $8.43 billion in April–August 2025 from $2.88 billion a year earlier, driving

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