On 15 November 2025, Indian toy exporters reported a roughly 50 % drop in orders from the United States amid tariff pressures and shifting supply-chain choices. Buyers are increasingly shifting to China and Vietnam, leading Indian makers to cut prices and redesign packaging to stay competitive. The downturn comes despite early festive-season strength and highlights how global trade frictions are weighing on smaller manufacturing pockets. Policymakers in India may increasingly push for deeper cost-cuts and new export incentives to counter the slump.