New Delhi: India’s cumulative exports of merchandise and services during April–November 2025 are estimated at USD 562.13 billion, recording a growth of 5.43 per cent compared to USD 533.16 billion in the corresponding period last year, according to data released by the Press Information Bureau.
Merchandise exports during the eight-month period stood at USD 292.07 billion, up 2.62 per cent from USD 284.60 billion in April–November 2024. Non-petroleum merchandise exports recorded stronger growth, rising 5.86 per cent to USD 254.08 billion from USD 240.02 billion a year ago.
In November 2025, India’s total exports—merchandise and services combined—are estimated at USD 73.99 billion, marking a sharp 15.52 per cent increase over November 2024. During the same month, total imports declined marginally by 0.60 per cent to USD 80.63 billion, narrowing the overall trade deficit to USD 6.64 billion, compared to USD 17.06 billion in November last year.
Merchandise exports in November 2025 rose to USD 38.13 billion, up from USD 31.94 billion in November 2024, while merchandise imports declined to USD 62.66 billion from USD 63.87 billion. Services exports during the month are estimated at USD 35.86 billion, compared to USD 32.11 billion a year earlier, while services imports increased to USD 17.96 billion.
Key drivers of merchandise export growth in November included engineering goods, electronic goods, gems and jewellery, drugs and pharmaceuticals, and petroleum products. Engineering goods exports surged 23.76 per cent to USD 11.01 billion, electronic goods rose 38.96 per cent to USD 4.81 billion, while gems and jewellery exports grew 27.8 per cent to USD 2.64 billion. Exports of drugs and pharmaceuticals increased 20.91 per cent, and petroleum products recorded an 11.65 per cent rise.
For April–November 2025, total imports are estimated at USD 651.13 billion, reflecting a growth of 5 per cent over the same period last year. Merchandise imports during this period stood at USD 515.21 billion, while services imports were estimated at USD 135.93 billion. The overall trade deficit for the eight-month period widened marginally to USD 89.00 billion, compared to USD 86.98 billion in April–November 2024.
Non-petroleum and non-gems & jewellery exports during November 2025 rose to USD 31.56 billion, up from USD 26.35 billion a year ago. For April–November 2025, such exports increased to USD 234.94 billion, compared to USD 220.76 billion in the previous year.
Services trade continued to provide a cushion to the external sector. Services exports during April–November 2025 are estimated at USD 270.06 billion, up from USD 248.56 billion a year earlier, while services imports stood at USD 135.93 billion. This resulted in a services trade surplus of USD 134.13 billion, significantly higher than USD 116.35 billion in the same period last year.
Among export destinations, the United States, China, Spain, the United Arab Emirates and Tanzania recorded strong growth in November 2025 compared to a year earlier. On the import side, higher inflows were recorded from China, the United States, Thailand, Hong Kong and Brazil.
The data on services trade for November 2025 are provisional, based on estimates, as the latest official services data released by the Reserve Bank of India are available up to October 2025. Revised figures will be released in line with established data revision policies.
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