Merchandise exports during April–November 2025 stood at US$ 292.07 billion, compared to US$ 284.60 billion in the corresponding period of 2024, reflecting a positive growth of 2.62 percent.
Services exports remained a major pillar of India’s external trade, rising to US$ 270.06 billion from US$ 248.56 billion last year. This pushed overall export growth despite moderation in certain global markets.
Non-Petroleum Exports Show Robust Growth
Non-petroleum exports emerged as a key driver of India’s trade momentum. During April–November 2025, non-petroleum exports were valued at US$ 254.08 billion, registering a strong growth of 5.86 percent over the previous year.
Non-petroleum and non-gems and jewellery exports also rose steadily, reflecting diversification in India’s export basket and reduced dependence on volatile commodity segments.
November 2025: Sharp Jump in Exports
India’s total exports in November 2025 were estimated at US$ 73.99 billion, recording a robust year-on-year growth of 15.52 percent. Merchandise exports alone surged to US$ 38.13 billion, compared to US$ 31.94 billion in November 2024.
Imports during November 2025 stood at US$ 80.63 billion, slightly lower than last year, resulting in a significantly narrower trade deficit of US$ 6.64 billion.
Engineering, Electronics and Pharma Lead the Way
Several key sectors recorded strong growth in November 2025. Engineering goods exports jumped by 23.76 percent to US$ 11.01 billion, while electronic goods surged nearly 39 percent to US$ 4.81 billion.
Gems and jewellery exports rose by 27.8 percent, and drugs and pharmaceuticals grew by over 20 percent, highlighting India’s strength in both manufacturing and value-added sectors.
Services Trade Remains a Major Strength
Services exports in November 2025 were estimated at US$ 35.86 billion, up from US$ 32.11 billion a year earlier. For April–November 2025, services exports grew by 8.65 percent year-on-year.
The services trade surplus widened significantly to US$ 134.13 billion during the eight-month period, underlining India’s competitive advantage in IT, business and professional services.
Key Trading Partners and Import Trends
The United States, China, Spain, the UAE and Tanzania emerged as the top destinations showing strong export growth during November 2025. On the import side, shipments from China, the US and Brazil recorded notable increases.
Meanwhile, imports of gold, crude petroleum and vegetable oils declined, helping moderate the overall import bill.
Outlook
The latest trade data reflects India’s improving export competitiveness, driven by policy support, diversified markets and strong services performance. Analysts believe sustained momentum in manufacturing and services will be critical for achieving long-term trade and growth targets.
With global demand conditions evolving, India’s ability to maintain export growth while managing imports will remain a key factor in ensuring external sector stability.