India's exports rise 19.37% to six-month high in November; trade gap shrinks to 5-month low

New Delhi: India's exports rebounded by 19.37 per cent to a six-month high of USD 38.13 billion in November after contracting in October, driven by higher shipments of engineering and electronics goods that helped bring down the trade deficit to a five-month low of USD 24.53 billion.

According to government data released on Monday, the country's imports dipped by 1.88 per cent to USD 62.66 billion due to a fall in the inbound shipments of gold, crude oil, coal, and coke during the month under review.

The value of merchandise exports in November is the highest since May (USD 38.73 billion), while outbound shipments have logged the sharpest monthly growth in the past three-and-a-half years, since June 2022.

Gold imports dipped by 59.15 per cent to USD 4 billion. Crude oil imports also declined by 11.27 per cent to USD 14.11 billion during the month.

The dip in imports also helped narrow the country's trade deficit (difference between imports and exports) in November. The previous low was USD 18.78 billion in June this year. The trade deficit stood at a record USD 41.68 billion in October.

Cumulatively, exports during April-November were up 2.62 per cent to USD 292.07 billion, while imports during the eight months rose by 5.59 per cent to USD 515.21 billion. The deficit stood at USD 223.14 billion.

Briefing reporters on the data, Commerce Secretary Rajesh Agrawal said that outbound shipments in November offset the losses in October this year. "November has been a good month for exports," he said.

Exports recorded growth despite the USA's hefty 50 per cent tariffs on Indian goods.

He added that sectors like electronics, engineering, chemicals, gems and jewellery helped in pushing the country's merchandise shipments.

Exports of petroleum products too rose by 11.65 per cent to USD 3.93 billion in November. The other commodities which recorded positive growth included tea, coffee, iron ore, cashew, oil meals, dairy, handicrafts, marine products and leather goods.

However, shipments of rice, oil seeds, carpet and plastics recorded negative growth.

He also said that the ministry is finalising the detailed guidelines of the Rs 25,060-crore export promotion mission, and a few components of it will be rolled out this week itself.

He further said that this help may not be enough to deal with the steep 50 per cent tariff imposed by the US, but it will definitely bring relief for exporters in areas like liquidity.

"It will lessen the pain, not remove the pain; it will not solve their problems completely. But at the same time, we remain engaged with the US positively," to close the deal as early as possible. Federation of Indian Export Organisations (FIEO) President S C Ralhan said during April-November 2025, the US remained India's top export destination, despite the imposition of a 50 per cent tariff, clearly demonstrating the resilience and adaptability of the exporting community.

Other major export destinations during this period included the UAE, the Netherlands, China, the UK, Germany, Singapore, Bangladesh, Saudi Arabia, and Hong Kong.

"Diversification of export markets, along with the continued resilience of several key sectors, has played a crucial role in supporting export growth. With sustained policy support, enhanced logistics efficiency, and access to competitive export financing, India's exports are well-positioned to maintain this positive trajectory in the coming months," he said.

India's exports contracted 11.8 per cent to USD 34.38 billion in October on account of the impact of high tariffs by the US, while the trade deficit widened to a record high of USD 41.68 billion, mainly due to a jump in gold imports in that month.

According to the provisional figures, the estimated value of services exports for November was USD 35.86 billion compared to USD 32.11 billion in the same month last year.

During the first eight months of this fiscal year, exports stood at USD 270 billion as compared to USD 248.56 billion in April-November 2024.

The secretary also said that the country's goods and services exports rose by 5.83 per cent to USD 562.13 billion during April-November this fiscal year as against USD 533.16 billion.

The ministry is aiming that these shipments will cross last year's figures of USD 825 billion.