India trims trade gap to $24.5 billion in November, exports hold firm despite tariff heat
For the April-November period, merchandise exports rose to $292.07 billion, while imports increased to $515.21 billion. Exports to the US during this window hit $59.04 billion, up from $53.01 billion a year earlier. Imports from the US also saw a rise to $35.40 billion.
- Dec 15, 2025,
- Updated Dec 15, 2025 1:49 PM IST
India’s trade deficit narrows in November as exports to US rise despite tariff pressures
India’s merchandise trade deficit shrank sharply to $24.53 billion in November, down from $41.68 billion in October, signalling improved trade momentum driven by stronger exports and a dip in imports, according to government data released on December 15.
Commerce Secretary Rajesh Agrawal described November as “a good month in terms of import-export,” highlighting a 1.35% uptick in exports to $38.13 billion and a 1.88% decline in imports to $62.66 billion.
The drop in the trade deficit — from $31.93 billion a year ago to $24.53 billion this November — was aided by healthy performance in engineering goods, electronics, and gems and jewellery. Services trade also remained robust, with exports climbing to $35.86 billion and a surplus of $17.90 billion recorded, up from $14.86 billion in the same month last year.
Agrawal noted that India’s exports to the US alone rose by $1.3 billion in November over the previous year, reaching $6.98 billion. “India’s goods exports to the US are holding up despite high tariffs,” he said.
For the April-November period, merchandise exports rose to $292.07 billion, while imports increased to $515.21 billion. Exports to the US during this window hit $59.04 billion, up from $53.01 billion a year earlier. Imports from the US also saw a rise to $35.40 billion.
Among other trade partners, India’s exports to the UAE reached $25.49 billion, and imports stood at $40.81 billion. Imports from China rose to $84.27 billion, while those from Russia declined to $40.81 billion.
To cushion the economy from external shocks like steep US tariffs, the central government has implemented tax cuts, export incentives, and labour reforms — moves that appear to be helping India navigate global trade challenges.
India’s trade deficit narrows in November as exports to US rise despite tariff pressures
India’s merchandise trade deficit shrank sharply to $24.53 billion in November, down from $41.68 billion in October, signalling improved trade momentum driven by stronger exports and a dip in imports, according to government data released on December 15.
Commerce Secretary Rajesh Agrawal described November as “a good month in terms of import-export,” highlighting a 1.35% uptick in exports to $38.13 billion and a 1.88% decline in imports to $62.66 billion.
The drop in the trade deficit — from $31.93 billion a year ago to $24.53 billion this November — was aided by healthy performance in engineering goods, electronics, and gems and jewellery. Services trade also remained robust, with exports climbing to $35.86 billion and a surplus of $17.90 billion recorded, up from $14.86 billion in the same month last year.
Agrawal noted that India’s exports to the US alone rose by $1.3 billion in November over the previous year, reaching $6.98 billion. “India’s goods exports to the US are holding up despite high tariffs,” he said.
For the April-November period, merchandise exports rose to $292.07 billion, while imports increased to $515.21 billion. Exports to the US during this window hit $59.04 billion, up from $53.01 billion a year earlier. Imports from the US also saw a rise to $35.40 billion.
Among other trade partners, India’s exports to the UAE reached $25.49 billion, and imports stood at $40.81 billion. Imports from China rose to $84.27 billion, while those from Russia declined to $40.81 billion.
To cushion the economy from external shocks like steep US tariffs, the central government has implemented tax cuts, export incentives, and labour reforms — moves that appear to be helping India navigate global trade challenges.