According to government export and import figures issued on Monday, India’s merchandise trade deficit shrank to $24.53 billion in November due to a decrease in imports of coal, gold, and oil. In October 2024, the trade imbalance was $41.68 billion; in November, it was $17.06 billion.
Exports from all commerce, including goods and services, totaled $73.99 billion in November 2025 compared to $64.05 billion in November 2024. During that time, imports decreased slightly to $80.63 billion from $81.11 billion.
Exports from the services sector increased from $32.11 billion to $35.86 billion in November 2024. During the time, imports rose slightly from $17.25 billion to $17.96 billion.
In November 2025, merchandise exports reached their greatest level in more than ten years, rising dramatically from $31.94 billion to $38.13 billion. However, imports of merchandise fell from $63.87 billion in November 2024 to $62.66 billion in November 2025.
India is now negotiating a trade agreement with the US in the hopes of lowering the high tariffs it faces from the US, which can reach 50%. Additionally, Mexico levied a 50% tariff on India, one of its other trading partners.
To protect the economy from the effects of high US tariffs, the government has lately implemented a number of initiatives, such as labor reforms, an export promotion package, tax cuts on a variety of goods, and GST reform.
