India witnessed its fastest export growth in over three years in November, with shipments rising 19.4% year-on-year to $38.1 billion, powered by strong demand from the US and China. At the same time, imports declined 2% to $62.7 billion, narrowing the trade deficit to $24.6 billion—the lowest since June.
Exports to the US surged 22.6% to $7 billion despite the imposition of 50% additional tariffs, while exports to China skyrocketed 90% to $2.2 billion, making China India’s third-largest export destination for the month, surpassing the Netherlands in November, though the European nation retained a marginal lead over April–November.
Commerce Secretary Rajesh Agrawal highlighted that India’s ability to sustain export levels alongside growing imports of $5.3 billion underlines a positive trajectory in India-US trade relations. According to Aditi Nayar, chief economist at ICRA, the export rise and import decline reflect a normalization in supply post-holidays and seasonal demand adjustments.
The November rebound followed a 12% fall in exports during October, attributed to US tariffs. Commerce and Industry Minister Piyush Goyal emphasized that November’s growth more than offset the previous month’s contraction. Agrawal noted that exporters across multiple sectors are increasingly diversifying their markets.
The recovery was broad-based, led by engineering goods, electronics, gems and jewellery, pharmaceuticals, chemicals, oil products, and most textile segments. However, five major sectors—rice, oilseeds, plastics, jute products, and carpets—experienced a decline.
On the import front, gold imports dropped 59% to $4 billion, crude petroleum fell 11.3% to $14 billion, and vegetable oil imports decreased 20% to $1.5 billion. Meanwhile, electronics imports grew 16% to $8.8 billion, silver surged 125% to $1.1 billion, and pearls and precious stones jumped 90% to $1.8 billion.
FIEO chief S C Ralhan stated that export diversification, resilience in key sectors, improved logistics, and competitive financing are sustaining export growth. Services exports also rose 11.9% to $35.9 billion, while services imports increased 4% to $18 billion, reinforcing India’s positive trade momentum.
