?Exports Jump 23% in November, Trade Deficit Narrows to $24.53 Billion?
India’s exports surged 23.15% year-on-year to $38.13 billion in November, while imports fell 1.88% to $62.66 billion, according to the Ministry of Commerce and Industry. This helped narrow the trade deficit to $24.53 billion, compared with $31.93 billion a year ago. November exports were the highest in the last ten years.
Commerce Secretary Rajesh Agrawal said export growth was driven by engineering goods, electronics, gems and jewellery, and pharmaceuticals. Gold imports dropped sharply by 60% , while imports of petroleum products, vegetable oil, and coal also declined.
During April–November, exports rose 2.62% to $292.07 billion, while imports increased 5.59% to $515.21 billion.
Exports to the US grew 22% year-on-year to $6.97 billion in November, despite higher US tariffs. Agrawal said India has managed to maintain exports to the US even after the 50% tariff imposed from August 27. India and the US continue trade talks, and Prime Minister Narendra Modi recently spoke with US President Donald Trump.
In contrast, October saw weaker trade performance, with exports falling 11.8% to $34.38 billion and imports jumping 16.63% to $76.06 billion , widening the trade deficit to $41.68 billion. The rise in imports was mainly due to a sharp increase in gold and silver shipments, with gold imports alone rising to $14.72 billion.
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