India’s goods exports recorded a sharp rebound in November, rising 19 per cent year-on-year to $38.13 billion, supported by a weaker rupee and strong demand from major global markets including the US, Europe and China. The export surge helped narrow India’s trade deficit to a five-month low of $24 billion, according to data released by the Commerce and Industry Ministry on Monday.
Imports during the month declined marginally to $62.22 billion from $63.87 billion a year earlier, mainly due to a steep 60 per cent fall in gold imports. As a result, the trade deficit improved significantly from $32 billion recorded in November last year.
The export growth was led by engineering goods and electronics, which saw strong overseas demand despite ongoing geopolitical and economic uncertainties. Notably, India’s shipments to the US jumped 22.61 per cent in November to nearly $7 billion, even after the full impact of the 50 per cent US tariffs imposed on August 27. The rebound follows two months of decline in exports to the US in September and October.
Commerce Secretary Rajesh Agrawal said India and the US are close to finalising an initial framework trade deal. He noted that six formal rounds of negotiations have already been held, covering both a comprehensive Bilateral Trade Agreement and an interim framework aimed at addressing reciprocal tariffs. While avoiding a specific timeline, Agrawal said the framework deal could be concluded soon.
Agrawal also said the government is finalising guidelines for the ₹25,060-crore export promotion mission, with some components expected to be rolled out this week. While the support may not fully offset the impact of steep US tariffs, it is expected to ease liquidity pressures for exporters.
The November export jump coincided with a rapid depreciation of the rupee, which breached the 90-per-dollar mark earlier in December. In November, the rupee was 5.6 per cent weaker compared to the same month last year, making Indian goods more competitive globally.
Trade data showed exports to China surged 90 per cent to $2.20 billion, while shipments to Hong Kong rose 35.53 per cent. Exports also increased to several European markets including the UK, Germany, Spain and Belgium, although shipments declined to the Netherlands, Bangladesh and South Africa.
Industry bodies said the strong performance reflects the resilience of Indian exporters, supported by market diversification, policy backing and improving logistics and financing conditions.
.jpg)
