India’s total exports, including merchandise and services, are estimated at USD 73.99 billion in November 2025, registering a sharp growth of 15.52 per cent compared to the same month last year, according to data released by the Ministry of Commerce and Industry. Total imports during the month stood at USD 80.63 billion, marginally lower by 0.60 per cent year-on-year, leading to a significant narrowing of the trade deficit.
The overall trade deficit for November 2025 declined to USD 6.64 billion from USD 17.06 billion in November 2024, reflecting improved export performance and moderated imports.
Merchandise exports rose to USD 38.13 billion in November 2025 from USD 31.94 billion a year earlier, while merchandise imports eased to USD 62.66 billion compared to USD 63.87 billion in November 2024. Services exports were estimated at USD 35.86 billion during the month, up from USD 32.11 billion last year, while services imports increased slightly to USD 17.96 billion.
During the April–November 2025 period, India’s cumulative exports are estimated at USD 562.13 billion, marking a growth of 5.43 per cent over USD 533.16 billion recorded in the corresponding period of the previous year. Total imports during this period stood at USD 651.13 billion, reflecting a growth of about 5 per cent. The cumulative trade deficit during April–November 2025 was estimated at USD 89 billion.
Merchandise exports during April–November 2025 rose to USD 292.07 billion, compared to USD 284.60 billion a year earlier, registering a growth of 2.62 per cent. Merchandise imports during the same period increased to USD 515.21 billion from USD 487.93 billion, resulting in a merchandise trade deficit of USD 223.13 billion.
Non-petroleum exports during April–November 2025 were valued at USD 254.08 billion, recording a growth of 5.86 per cent over the corresponding period last year. Non-petroleum and non-gems and jewellery exports also showed steady growth, indicating diversification in India’s export basket.
Key drivers of merchandise export growth in November 2025 included engineering goods, electronic goods, gems and jewellery, drugs and pharmaceuticals, and petroleum products. Engineering goods exports surged by nearly 24 per cent to USD 11.01 billion, while electronic goods exports jumped by around 39 per cent to USD 4.81 billion. Gems and jewellery exports rose by about 28 per cent, and drugs and pharmaceuticals exports grew by nearly 21 per cent during the month.
On the imports side, significant contraction was seen in gold, vegetable oil, petroleum products, coal, and newsprint imports during November 2025 compared to the previous year.
Services exports during April–November 2025 are estimated at USD 270.06 billion, up from USD 248.56 billion last year, resulting in a services trade surplus of USD 134.13 billion. Services exports are estimated to have grown by 8.65 per cent during the period.
The United States, China, Spain, the United Arab Emirates and Tanzania emerged as the top export destinations showing positive growth in November 2025, while China, the US, Hong Kong, the UAE and Ireland were among the major sources of import growth during the April–November period.
The government said the trade figures reflect resilience in India’s export performance amid global economic uncertainties, supported by strong growth in manufacturing and services sectors.
