India's exports rebounded by 19.37 per cent to $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 $24.53 billion.
According to government data released on Monday, the country's imports dipped by 1.88 per cent to $62.66 billion due to a fall in the inbound shipments of gold, crude oil, coal, and coke during the month under review.
Gold imports dipped by 59.15 per cent to $4 billion.
Crude oil imports also declined by 11.27 per cent to $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 $18.78 billion in June this year. The trade deficit stood at a record $41.68 billion in October.
Cumulatively, exports during April-November were up 2.62 per cent to $292.07 billion, while imports during the eight months rose by 5.59 per cent to $515.21 billion. The deficit stood at $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 $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.
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 $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 $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 $35.86 billion compared to $32.11 billion in the same month last year.
During the first eight months of this fiscal year, exports stood at $270 billion as compared to $248.56 billion in April-November 2024.
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