With electronic goods exports surging 38.96%, India’s trade deficit narrowed to US$6.64 billion in November 2025, from US$17.06 billion in November 2024.
India’s exports of goods and services in November 2025 are estimated at US$73.99 billion. This marks a sharp year-on-year (YoY) rise of 15.52% from US$64.05 billion in November 2024. Imports stood at US$80.63 billion, marginally lower by 0.60%, thus narrowing the overall trade deficit to US$6.64 billion from US$17.06 billion a year earlier.
According to the recent data revealed by the Ministry of Commerce and Industry, merchandise exports in November rose to US$38.13 billion, compared with US$31.94 billion last year. Merchandise imports declined to US$ 62.66 billion from US$ 63.87 billion.
Within exports, electronic goods recorded a robust annual growth of 38.96%. Engineering goods, drugs and pharmaceuticals, ceramic products and chemicals also posted strong gains.
Meanwhile, services remained a key stabiliser. Services exports are estimated at US$35.86 billion in November, up from US$32.11 billion. Services imports rose modestly to US$17.96 billion. This resulted in a healthy services surplus, offsetting part of the merchandise trade gap.
For the April–November 2025 period, cumulative exports are estimated at US$562.13 billion, compared with US$533.16 billion a year earlier, reflecting a growth of 5.43%. Imports rose 5% to US$ 651.13 billion. Merchandise exports stood at US$292.07 billion, while services exports touched US$270.06 billion. The overall trade deficit for the period widened slightly to US$89.00 billion.
The US, China, Spain, the UAE and Hong Kong remained key export destinations. On the import side, China and the US led growth, reflecting sustained demand for electronics, components and industrial inputs.
