India’s merchandise exports saw a robust increase in November 2025, with outbound shipments to China adding over $1 billion year-on-year and reaching $2.20 billion, a growth of more than 90 percent. Exports to the United States also rose over 22 percent to $6.98 billion during the same period, despite high reciprocal tariffs.
Overall, India’s total merchandise exports surged nearly 20 percent year-on-year to $38.13 billion in November, recovering sharply from a 12 percent decline in October. Strong export performance helped reduce the trade deficit to a five-month low of $24.5 billion.
Earlier, US tariffs exceeding 50 percent had caused exports to the country to fall 21 percent in September. While shipments began recovering in October, year-on-year growth was still down by almost 9 percent. In November, exports to the US rose both sequentially and year-on-year by around 10 percent, driven by tariff-free products like smartphones, pharmaceuticals, and petroleum.
India’s exports to China have been consistently growing throughout the financial year, with November shipments increasing over 35 percent sequentially. Key products contributing to the rise include petroleum, telecom instruments, and marine goods.
Labour-intensive sectors also recorded a strong rebound. Gems and jewellery exports, which fell nearly 30 percent in October, surged almost 28 percent in November. Engineering goods rose nearly 24 percent, ready-made garments climbed over 11 percent, and leather products grew nearly 6 percent compared with the previous month.
Exports in tariff-free categories saw notable gains as well. Electronics surged almost 39 percent, pharmaceuticals rose nearly 21 percent, and petroleum products increased more than 11 percent. Diversification into alternative markets, particularly for marine products, supported growth, which reached 15.5 percent in November.
This export performance highlights India’s ability to navigate global trade challenges, maintain strong demand from multiple markets, and enhance its position as a key supplier of goods to both China and the United States.
