India's Exports Surge 19.4% to $38.13 Billion in November

India's merchandise exports surged 19.4 percent in November 2025 to $38.13 billion, the highest for any November in the past decade, according to government trade data released on December 15. The growth, led by a 22.6 percent increase in shipments to the United States despite steep 50 percent tariffs, helped narrow the overall trade deficit to $24.53 billion from $41.68 billion in October.

The recovery in exports to the US, which reached $6.98 billion, marked a rebound from earlier declines following the tariff hike imposed by Washington in late August. Those duties, doubled from 25 percent in retaliation for India's purchases of Russian oil, had caused exports to the US to drop nearly 9 percent year-on-year in October after hitting a yearly low of $5.5 billion in September. Overall merchandise imports fell 1.9 percent to $62.66 billion, aided by a 59 percent decline in gold shipments to $4 billion. Services exports rose 12 percent to $38.5 billion, contributing to a total export figure of about $74 billion and a services trade surplus of nearly $18 billion.

Commerce Secretary Rajesh Agrawal described November as a strong month for trade, noting that exports to the US had...