India’s foreign trade performance strengthened in November 2025, with total exports of merchandise and services estimated at $73.99 billion, recording a 15.52% year-on-year growth, according to data released by the Ministry of Commerce & Industry. Total imports during the month stood at $80.63 billion, marginally lower than last year, resulting in a trade deficit of $6.64 billion, significantly narrower than the deficit recorded in November 2024.
On a cumulative basis, India’s exports during April to November 2025 reached $562.13 billion, up 5.43% from the same period last year, while imports rose 5 percent to $651.13 billion. The overall trade deficit for the eight-month period stood at $89 billion, reflecting stable external demand and controlled import growth.
Merchandise exports showed strong monthly momentum, rising to $38.13 billion in November 2025 from $31.94 billion a year earlier. Imports of goods declined slightly to $62.66 billion, aiding the improvement in the trade balance. For the April to November period, merchandise exports increased 2.62% to US $292.07 billion, while imports rose to $515.21 billion, resulting in a merchandise trade deficit of $223.13 billion.
Export growth during the month was led by engineering goods, which rose 23.76% year-on-year to $11.01 billion, followed by electronic goods exports, which surged 38.96% to $4.81 billion. Gems and jewellery exports increased 27.8% , while drugs and pharmaceuticals recorded a 20.9% rise, reflecting sustained global demand across manufacturing-intensive sectors. Petroleum product exports also grew 11.65% during the month.
Non-petroleum exports during April to November 2025 were valued at $254.08 billion, registering a 5.86% growth, indicating resilience in India’s core export base beyond energy-linked products. Exports excluding both petroleum and gems and jewellery reached $234.94 billion, while corresponding imports rose to $329.36 billion, highlighting persistent demand for industrial and intermediate goods.
The services sector continued to provide critical support to India’s external accounts. Services exports in November 2025 are estimated at $35.86 billion, up from $32.11 billion a year earlier, while services imports stood at $17.96 billion. Cumulatively, services exports during April to November 2025 reached $270.06 billion, generating a trade surplus of $134.13 billion, which helped offset the merchandise trade deficit.
India’s exports also showed strong growth to key global markets, including the United States, China, Spain, the UAE and Tanzania in November, while imports increased from China, the US, Thailand, Hong Kong and Brazil, reflecting diversification in trade flows amid global economic uncertainty.
Source: Ministry of Commerce & Industry, Government of India – Press Information Bureau (PIB) Release on India’s Foreign Trade, November 2025.
