New Delhi [India], December 15 : India's trade deficit narrowed to USD 24.53 billion in November from USD 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 USD 73.99 billion in November 2025, up from USD 64.05 billion in the same month last year. Imports during the period declined marginally to USD 80.63 billion from USD 81.11 billion.
The overall trade deficit narrowed sharply to USD 6.64 billion in November 2025, compared to a deficit of USD 17.06 billion in November 2024.
In the merchandise sector, exports increased significantly from USD 31.94 billion in November 2024 to USD 38.13 billion in November 2025, highest in over 10 years, reflecting stronger outbound shipments.
Merchandise imports, moderated slightly, falling from USD 63.87 billion to USD 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 USD 32.11 billion in November 2024 to USD 35.86 billion in November 2025, indicating continued strength in India's services-driven external sector.
Services imports increased marginally from USD 17.25 billion to USD 17.96 billion during the period.
Speaking on the development, Commerce Secretary, Rajesh Agrawal, said, "Our record export has been USD 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 USD 31.92 billion last year, to USD 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 USD 9.20 billion during April-November 2024 to USD 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 USD 1.39 billion in April 2025 and increased to USD 1.62 billion in May before easing slightly to USD 1.37 billion in June.
In July and August, exports moderated to USD 1.34 billion and USD 1.21 billion respectively, indicating a temporary slowdown during the mid-year period.