India's merchandise trade deficit, which hit a historical high of approximately $41.7 billion in October, narrowed sharply to $24.5 billion in November. This figure was notably lower than the $32 billion forecast by Reuters.
Exports from India to the United States increased by 22.6% in November, amounting to $6.98 billion, an increase from the $6.31 billion recorded in the previous month.
The combined exports of goods and services from India increased by 15.52% in November, totaling $73.99 billion.
Several key sectors showed improvement in November compared to the previous year, including exports of electronics, gems and jewellery, engineering goods, and finished textiles.
This export growth comes despite ongoing trade challenges. In August, the U.S. imposed an additional 25% import duty on Indian goods, pushing the total tariff to 50%. This was one of the highest duty rates Washington had ever levied on a trading partner, with sectors such as textiles, gems and jewellery, and marine products being the most affected.
"Despite global headwinds, India continues to witness positive export growth with 14 out of its 20 major trading partners, reflecting the growing diversity and resilience in its foreign trade," said Mr. Rajiv Juneja, President of the PHD Chamber of Commerce and Industry (PHDCCI).
Trade negotiations between the U.S. and India have been ongoing for several months without reaching a comprehensive agreement. However, both sides have recently shown signs of softening their stance, with U.S. President Donald Trump signaling a willingness to reduce import tariffs on Indian goods.
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