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India's Trade Triumph: Exports Hit 10-Year High Despite US Tariff Pressure

India's trade numbers for November 2025 tell a surprisingly strong story. Despite facing external pressures like US tariffs, the country's merchandise exports hit their highest level in over ten years. This export boom, combined with a slight dip in imports, led to a dramatic shrinking of the trade deficit. Key sectors like engineering and electronics powered this growth, marking a positive turn for the economy.

Key Points: India's November Exports Hit Decade High as Trade Deficit Narrows

  • Merchandise exports surged to $38.13B, the highest November figure in over a decade
  • The overall trade deficit narrowed sharply to $6.64B from $17.06B a year ago
  • Engineering goods, electronics, and gems & jewelry were major growth drivers for exports
  • Exports to China saw significant growth, rising about 33% during April-November 2025
3 min read

Despite US tariff, merchandise exports at 10 year high and sharp drop in trade deficit in Nov

India's merchandise exports surge to a 10-year high of $38.13B in Nov 2025, sharply reducing the trade deficit despite global headwinds like US tariffs.

"Our record export has been USD 38.13 billion which is highest in last 10 years. - Commerce Secretary Rajesh Agrawal"

New Delhi, December 15

India's trade deficit narrowed to USD 24.53 billion in November from USD 41.68 billion in October, said the data released by the government on Monday. This was driven by a fall in gold, oil and coal imports, it said.

Overall trade, including merchandise and services, recorded exports of USD 73.99 billion in November 2025, up from USD 64.05 billion in the same month last year. Imports during the period declined marginally to USD 80.63 billion from USD 81.11 billion.

The overall trade deficit narrowed sharply to USD 6.64 billion in November 2025, compared to a deficit of USD 17.06 billion in November 2024.

In the merchandise sector, exports increased significantly from USD 31.94 billion in November 2024 to USD 38.13 billion in November 2025, highest in over 10 years, reflecting stronger outbound shipments.

Merchandise imports, moderated slightly, falling from USD 63.87 billion to USD 62.66 billion over the same period. This combination of higher exports and lower imports contributed positively to the overall trade balance.

The services sector also witnessed growth in rising from USD 32.11 billion in November 2024 to USD 35.86 billion in November 2025, indicating continued strength in India's services-driven external sector.

Services imports increased marginally from USD 17.25 billion to USD 17.96 billion during the period.

Speaking on the development, Commerce Secretary, Rajesh Agrawal, said, "Our record export has been USD 38.13 billion which is highest in last 10 years. In November month we have never crossed 38 billion."

"Also, there is positive that number, the imports are down by 1.88%. There is an import trend, which is in the positive territory, but this month, it is a minus 1.8. This has to be seen," he said.

"The trade deficit just merchandise has declined from USD 31.92 billion last year, to USD 24.5 3 billion. So this is good story, which is coming up for this month. Major drivers, if you look at what has actually led to these high fees, the detailed presentation will give the details, but one is engineering growth of 23.8%, electronic goods growth of 39%, Gems and jewelry growth of 27.8%," the Commerce Secretary added.

As per the data released by the government, India's exports to China registered a significant increase during the period April-November 2025 compared to the corresponding period of the previous year.

Merchandise exports to China rose from USD 9.20 billion during April-November 2024 to USD 12.22 billion during April-November 2025, reflecting a growth of about 32.83%.

On a monthly basis, exports to China during 2025-26 showed an overall upward trend despite some fluctuations. Exports stood at USD 1.39 billion in April 2025 and increased to USD 1.62 billion in May before easing slightly to USD 1.37 billion in June.

In July and August, exports moderated to USD 1.34 billion and USD 1.21 billion respectively, indicating a temporary slowdown during the mid-year period.

- ANI

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Reader Comments

R
Rahul R
Good to see the trade deficit narrowing. But we must be cautious. The fall in imports is partly due to lower gold and oil purchases. We need sustainable export growth across more sectors, not just a few.
A
Aman W
The 32% jump in exports to China is interesting. It shows our businesses are finding markets despite geopolitical tensions. Hope this trend continues and we become less dependent on any single country.
S
Sarah B
As someone working in IT services, I'm glad to see the services sector exports are also growing steadily. It's the backbone of our external trade. The overall numbers are very encouraging!
V
Vikram M
Waah! This is what we need. Record exports and a smaller deficit means a stronger rupee and better economic health. The focus should now be on making our MSMEs global players. Jai Hind!
K
Karthik V
One month of good data is a positive sign, but let's not celebrate too early. We need consistent performance. Also, the article mentions a "temporary slowdown" in mid-year exports to China. We must address such volatility.

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