New Delhi, Nov. 24 -- India's merchandise exports are showing signs of broader market diversification as shipments to the United States have weakened in recent months, according to a new research note by the State Bank of India (SBI).

"Interestingly, the share of India's merchandise exports to other countries during this period has increased significantly, indicating the diversification of our exports basket with the UAE, China, Vietnam, Japan, and Hong Kong, as also Bangladesh, Sri Lanka, and Nigeria being among the top destinations (over FY25) across different product categories," the report said.

SBI's Ecowrap report said total merchandise exports rose 2.9 percent year-on-year to USD 220 billion in April-September 2025, compared with...