India’s Exports Jump 19.37% in November; Trade Deficit Narrows to Five-Month Low

New Delhi, Dec 15: India’s exports witnessed a strong rebound in November, rising by 19.37 per cent to USD 38.13 billion, after registering a contraction in October. The surge in outbound shipments, led mainly by engineering and electronics goods, helped narrow the country’s trade deficit to a five-month low of USD 24.53 billion, official data released on Monday showed.
According to the data, imports declined by 1.88 per cent to USD 62.66 billion during the month, largely due to reduced purchases of gold, crude oil, coal and coke.
Gold imports saw a steep fall of 59.15 per cent to USD 4 billion, while crude oil imports dropped by 11.27 per cent to USD 14.11 billion in November. The moderation in imports played a key role in shrinking the trade gap, which had touched a record high of USD 41.68 billion in October. The previous lowest deficit this year was USD 18.78 billion in June.
April–November Trade Performance
On a cumulative basis, India’s exports during April–November rose by 2.62 per cent to USD 292.07 billion, while imports increased by 5.59 per cent to USD 515.21 billion. The overall trade deficit for the eight-month period stood at USD 223.14 billion.
Briefing the media, Commerce Secretary Rajesh Agrawal said the strong performance in November helped offset losses recorded in October.
“November has been a good month for exports,” he said, adding that shipments grew despite the 50 per cent tariff imposed by the US on Indian goods.
Key Sectors Support Export Growth
Agrawal noted that sectors such as electronics, engineering, chemicals, and gems and jewellery significantly contributed to the growth in merchandise exports. Petroleum product exports also rose by 11.65 per cent to USD 3.93 billion.
Other commodities that recorded positive growth included tea, coffee, iron ore, cashew, oil meals, dairy products, handicrafts, marine products and leather goods. However, exports of rice, oilseeds, carpets and plastics registered a decline.
The Commerce Secretary also informed that the ministry is in the final stages of preparing detailed guidelines for the Rs 25,060-crore Export Promotion Mission, with some components expected to be rolled out this week. While acknowledging that the scheme may not fully offset the impact of high US tariffs, he said it would provide much-needed relief to exporters, especially in terms of liquidity.
US Remains Top Export Destination
Federation of Indian Export Organisations (FIEO) President S C Ralhan said that during April–November 2025, the United States remained India’s largest export destination, despite the steep tariffs.
“This clearly reflects the resilience and adaptability of Indian exporters,” he said.
Other major destinations included the UAE, Netherlands, China, the UK, Germany, Singapore, Bangladesh, Saudi Arabia and Hong Kong.
Ralhan emphasised that market diversification, policy support, improved logistics and access to competitive export financing would help sustain export growth in the coming months.
Services Exports Also Rise
As per provisional estimates, services exports in November stood at USD 35.86 billion, compared to USD 32.11 billion in the same month last year. During the first eight months of the current fiscal, total exports reached USD 270 billion, up from USD 248.56 billion in April–November 2024.
India’s exports had contracted 11.8 per cent to USD 34.38 billion in October, mainly due to the impact of higher US tariffs and a surge in gold imports, which had pushed the trade deficit to a historic high. (With agency inputs)