India’s trade deficit narrows to $24.53 billion in November
India’s trade deficit narrowed to $24.53 billion in November from $41.68 billion in October, said the data released by the government on Monday. This was driven by a fall in gold, oil and coal imports, it said.
Overall trade, including merchandise and services, recorded exports of $73.99 billion in November 2025, up from $64.05 billion in the same month last year. Imports during the period declined marginally to $80.63 billion from $81.11 billion. The overall trade deficit narrowed sharply to $6.64 billion in November 2025, compared to a deficit of $17.06 billion in November 2024.
In the merchandise sector, exports increased significantly from $31.94 billion in November 2024 to $38.13 billion in November 2025, highest in over 10 years, reflecting stronger outbound shipments. Merchandise imports, moderated slightly, falling from $63.87 billion to $62.66 billion over the same period. This combination of higher exports and lower imports contributed positively to the overall trade balance.
The services sector also witnessed growth in rising from $32.11 billion in November 2024 to $35.86 billion in November 2025, indicating continued strength in India’s services-driven external sector. Services imports increased marginally from $17.25 billion to $17.96 billion during the period.
Speaking on the development, Commerce Secretary, Rajesh Agrawal, said, “Our record export has been $38.13 billion which is highest in last 10 years. In November month we have never crossed 38 billion.”
“Also, there is positive that number, the imports are down by 1.88%. There is an import trend, which is in the positive territory, but this month, it is a minus 1.8. This has to be seen,” he said. “The trade deficit just merchandise has declined from $31.92 billion last year, to $24.5 3 billion. So this is good story, which is coming up for this month. Major drivers, if you look at what has actually led to these high fees, the detailed presentation will give the details, but one is engineering growth of 23.8%, electronic goods growth of 39%, Gems and jewelry growth of 27.8%,” the Commerce Secretary added.
As per the data released by the government, India’s exports to China registered a significant increase during the period April-November 2025 compared to the corresponding period of the previous year. Merchandise exports to China rose from $9.20 billion during April-November 2024 to $12.22 billion during April-November 2025, reflecting a growth of about 32.83%.
On a monthly basis, exports to China during 2025-26 showed an overall upward trend despite some fluctuations. Exports stood at $1.39 billion in April 2025 and increased to $1.62 billion in May before easing slightly to $1.37 billion in June. In July and August, exports moderated to $1.34 billion and $1.21 billion respectively, indicating a temporary slowdown during the mid-year period.
Published on December 15, 2025
