New Delhi: India’s exports have risen to $38.13 billion in November 2025, a six month high supported by government measures and incentives, despite the 50% US tariffs imposed in August. Overall, exports surged 19.37% in November 2025 compared to the same period last year, according to government data.
The depreciating Rupee against the dollar has helped here, as it has helped India get a higher price for its exports despite slowing global demand. Additionally, lower imports of petroleum, gold and coal have helped here, with gold imports declining as much as 60%.
Engineering exports from Europe and the US have helped here, with shipments for electronic goods rising to $31.10 billion while pharmaceutical exports rose to $20.48 billion between April to November 2025.
India’s merchandise exports also increased to $292.07 billion for the same period, compared to the $284.60 billion for the corresponding period last year.
Stronger demand from the US has helped offset slowing demand in other geographies, with improved price competitiveness helping exporters win orders despite no updates on a trade pact with the US.
“The increase in exports to the US in November was likely driven by tariff-free sectors such as electronics and pharmaceuticals, while tariff-hit segments like gems and jewellery and marine products appear to have diverted shipments to alternate or trans-shipment markets such as China, Hong Kong and Vietnam,” Madhavi Arora, chief economist, Emkay Global Financial Services told Mint. “This outcome is far better than what was initially expected after the tariff announcements. While we are maintaining our CAD-to-GDP forecast at 1.4% for now, a continuation of these trends could create meaningful downside risks to the current account deficit,” she added.
Despite the tariffs, the US remained India’s largest export destination for April to November this year, with exports rising 11.4% year on year to $59.04 billion. The UAE came second with shipments worth $25.49 billion, followed by the Netherlands at $12.90 billion.
