Date: 2025-12-15Category: Press ReleaseState: Union GovernmentCountry: India
The cumulative exports (merchandise & services) during April-November 2025 is estimated at US$ 562.13 Billion, as compared to US$ 533.16 Billion in April-November 2024, an estimated growth of 5.43%.
**Executive Summary**
This report from the Ministry of Commerce & Industry provides an overview of India's export and import performance for April-November 2025, comparing it to the same period in 2024. It covers merchandise and service exports, key growth drivers, and top trade destinations. The report also includes data for November 2025 specifically and highlights revisions to previous data.
**Key Points / Main Content**
* **Overall Export Performance (April-November 2025):**
* Cumulative exports (merchandise & services) are estimated at US$ 562.13 Billion, a 5.43% increase compared to April-November 2024 (US$ 533.16 Billion).
* Cumulative merchandise exports totaled US$ 292.07 Billion, a 2.62% increase from US$ 284.60 Billion.
* Cumulative Non-Petroleum exports reached US$ 254.08 Billion, up 5.86% from US$ 240.02 Billion.
* **Key Drivers of Merchandise Export Growth (November 2025):**
* Engineering Goods.
* Electronic Goods.
* Gems & Jewellery.
* Drugs & Pharmaceuticals.
* Petroleum Products.
* **Sector-Specific Export Increases (November 2024 vs. November 2025):**
* Engineering Goods: Increased by 23.76% (US$ 8.90 Billion to US$ 11.01 Billion).
* Electronic Goods: Increased by 38.96% (US$ 3.46 Billion to US$ 4.81 Billion).
* Gems & Jewellery: Increased by 27.80% (US$ 2.07 Billion to US$ 2.64 Billion).
* Drugs & Pharmaceuticals: Increased by 20.91% (US$ 2.16 Billion to US$ 2.61 Billion).
* Petroleum Products: Increased by 11.65% (US$ 3.52 Billion to US$ 3.93 Billion).
* **Trade Data for November 2025:**
* Total exports (Merchandise and Services) are estimated at US$ 73.99 Billion, a 15.52% increase.
* Total imports (Merchandise and Services) are estimated at US$ 80.63 Billion, a -0.60% decrease.
* Merchandise exports amounted to US$ 38.13 Billion, while imports were US$ 62.66 Billion.
* Service exports were US$ 35.86 Billion, and imports were US$ 17.96 Billion.
* **Trade Data for April-November 2025:**
* Total imports are estimated at US$ 651.13 Billion registering a growth of 5 percent.
* Merchandise imports amounted to US$ 515.21 Billion.
* Service exports were US$ 270.06 Billion, and imports were US$ 135.93 Billion.
* **Key export and import Commodities showing Growth:**
* **Export growth:** Iron Ore, Cashew, Oil Meals, Other Cereals, Coffee, Meat Dairy & Poultry Products, Gems & Jewellery, Engineering Goods, Drugs & Pharmaceuticals, Marine Products, Spices, Petroleum Products.
* **Import decrease:** Gold, Newsprint, Vegetable Oil, Petroleum, Crude & Products, Coal.
* **Top 5 Export Destinations (Growth in Value):**
* November 2025: U S A, China P Rp, Spain, U Arab Emts, and Tanzania Rep.
* April-November 2025: U S A, China P Rp, Spain, U Arab Emts, and Hong Kong
* **Top 5 Import Sources (Growth in Value):**
* November 2025: China P Rp, U S A, Thailand, Hong Kong, and Brazil
* April-November 2025: China P Rp, U S A, Hong Kong, U Arab Emts, and Ireland
* **Services Trade:**
* The services trade surplus for April-November 2025* is US$ 134.13 Billion.
* Services exports is estimated to grow by 8.65 percent during April-November 2025*.
**Impact Analysis**
**Stakeholder: Indian Exporters**
* **Impact:** Generally positive, as exports have increased overall. Certain sectors like Engineering Goods, Electronic Goods, Gems & Jewellery, Drugs & Pharmaceuticals and Petroleum Products have seen significant growth, which creates opportunities for these businesses.
* **Action Required:** Analyze the report to identify specific growth areas and adjust business strategies to capitalize on these trends. Focus on key export destinations like the U S A, China P Rp, and Spain.
**Stakeholder: Indian Importers**
* **Impact:** Mixed, as imports have increased for certain commodities, but decreased overall compared to exports.
* **Action Required:** Analyze the report to identify commodities with decreased import growth (Gold, Newsprint, Vegetable Oil, Petroleum, Crude & Products, Coal) and adjust sourcing strategies accordingly.
**Stakeholder: Government (Ministry of Commerce & Industry)**
* **Impact:** The report provides data to assess trade policies and identify areas for improvement.
* **Action Required:** Use the data to refine export promotion strategies, address trade imbalances, and negotiate trade agreements.
**Stakeholder: Reserve Bank of India (RBI)**
* **Impact:** Provides data to analyze and revise data regarding the services sector.
* **Action Required:** Consider data revisions and future changes to reporting.
Key Entities Referenced
Ministry of Commerce & Industry: Responsible for trade and commerce policies.
April-November 2025: Reporting period for the estimated cumulative exports data.
Engineering Goods: One of the major drivers of merchandise exports growth.
Ministry of Commerce & Industry
The cumulative exports (merchandise & services)
during April-November 2025 is estimated at US$
562.13 Billion, as compared to US$ 533.16 Billion
in April-November 2024, an estimated growth of
5.43%.
The cumulative value of merchandise exports during April-
November 2025 was US$ 292.07 Billion, as compared to US$
284.60 Billion during April-November 2024, registering a
positive growth of 2.62%.
The cumulative Non-Petroleum exports in April-November
2025 valued at US$ 254.08 Billion registered an increase of
5.86% as compared to US$ 240.02 Billion in April-November
2024.
Major drivers of merchandise exports growth in November
2025 include Engineering Goods, Electronic Goods, Gems &
Jewellery, Drugs & Pharmaceuticals and Petroleum Products.
Engineering Goods exports increased by 23.76 % from US$
8.90 Billion in November 2024 to US$ 11.01 Billion in
November 2025.
Electronic Goods exports increased by 38.96 % from US$
3.46 Billion in November 2024 to US$ 4.81 Billion in
November 2025.
Gems & Jewellery exports increased by 27.80 % from US$
2.07 Billion in November 2024 to US$ 2.64 Billion in
November 2025.
Drugs & Pharmaceuticals exports increased by 20.91 % from
US$ 2.16 Billion in November 2024 to US$ 2.61 Billion in
November 2025.Petroleum Products exports increased by 11.65 % from US$
3.52 Billion in November 2024 to US$ 3.93 Billion in
November 2025.
प्रव तथ: 15 DEC 2025 3:40PM by PIB Delhi
India’s total exports (Merchandise and Services combined) for November 2025* is estimated at US$
73.99 Billion, registering a positive growth of 15.52 percent vis-à-vis November 2024. Total imports
(Merchandise and Services combined) for November 2025* is estimated at US$ 80.63 Billion,
registering a negative growth of (-) 0.60 percent vis-à-vis November 2024
Table 1: Trade during November 2025*
November 2025 November 2024
(US$ Billion) (US$ Billion)
Merchandise Exports 38.13 31.94
Imports 62.66 63.87
Services* Exports 35.86 32.11
Imports 17.96 17.25
Total Trade Exports 73.99 64.05
(Merchandise +Services) *
Imports 80.63 81.11
Trade Balance -6.64 -17.06
* Note: The latest data for services sector released by RBI is for October 2025. The data for November
2025 is an estimation. (ii) Data for April-November 2024 and April-June 2025 has been revised on pro-
rata basis using quarterly balance of payments data.
Fig 1: Total Trade during November 2025*India’s total exports during April-November 2025* is estimated at US$ 562.13 Billion registering a
positive growth of 5.43 percent. Total imports during April-November 2025* is estimated at US$
651.13 Billion registering a growth of 5 percent.
Table 2: Trade during April-November 2025*
April-November 2025 April-November 2024
(US$ Billion) (US$ Billion)
Merchandise Exports 292.07 284.60
Imports 515.21 487.93
Services* Exports 270.06 248.56
Imports 135.93 132.21
Total Trade Exports 562.13 533.16
(Merchandise +Services) *
Imports 651.13 620.14
Trade Balance -89.00 -86.98Fig 2: Total Trade during April-November 2025*
MERCHANDISE TRADE
Merchandise exports during November 2025 were US$ 38.13 Billion as compared to US$ 31.94 Billion in
November 2024.
Merchandise imports during November 2025 were US$ 62.66 Billion as compared to US$ 63.87 Billion in
November 2024.
Fig 3: Merchandise Trade during November 2025
Merchandise exports during April-November 2025 were US$ 292.07 Billion as compared to US$ 284.60
Billion during April-November 2024.
Merchandise imports during April-November 2025 were US$ 515.21 Billion as compared to US$ 487.93
Billion during April-November 2024.
Merchandise trade deficit during April-November 2025 was US$ 223.13 Billion as compared to US$
203.33 Billion during April-November 2024.
Fig 4: Merchandise Trade during April-November 2025Non-petroleum and non-gems & jewellery exports in November 2025 were US$ 31.56 Billion compared
to US$ 26.35 Billion in November 2024.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in November 2025 were
US$ 41.61 Billion compared to US$ 36.67 Billion in November 2024.
Table 3: Trade excluding Petroleum and Gems & Jewellery during November 2025
November 2024
November
2025 (US$ Billion)
(US$ Billion)
Non- petroleum exports 34.20 28.42
Non- petroleum imports 48.55 47.96
Non-petroleum & Non-Gems & Jewellery exports 31.56 26.35
Non-petroleum & Non-Gems & Jewellery imports 41.61 36.67
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 5: Trade excluding Petroleum and Gems & Jewellery during November 2025Non-petroleum and non-gems & jewellery exports in April-November 2025 were US$ 234.94 Billion,
compared to US$ 220.76 Billion in April-November 2024.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-November 2025
were US$ 329.36 Billion, compared to US$ 301.23 Billion in April-November 2024.
Table 4: Trade excluding Petroleum and Gems & Jewellery during April-November 2025
April-November 2024
April-November
2025 (US$ Billion)
(US$ Billion)
Non- petroleum exports 254.08 240.02
Non- petroleum imports 394.18 360.09
Non-petroleum & Non Gems & Jewellery 234.94 220.76
exports
Non-petroleum & Non Gems & Jewellery 329.36 301.23
imports
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-November 2025SERVICES TRADE
The estimated value of services export for November 2025* is US$ 35.86 Billion as compared to US$
32.11 Billion in November 2024.
The estimated value of services imports for November 2025* is US$ 17.96 Billion as compared to US$
17.25 Billion in November 2024.
Fig 7: Services Trade during November 2025*
The estimated value of service exports during April-November 2025* is US$ 270.06 Billion as compared
to US$ 248.56 Billion in April-November 2024.
The estimated value of service imports during April-November 2025* is US$ 135.93 Billion as compared
to US$ 132.21 Billion in April-November 2024.
The services trade surplus for April-November 2025* is US$ 134.13 Billion as compared to US$ 116.35
Billion in April-November 2024.
Fig 8: Services Trade during April-November 2025*Exports of Iron Ore (70.23%), Cashew (57.17%), Oil Meals (40.28%), Other Cereals (40.17%), Mica,
Coal & Other Ores, Minerals Including Processed Minerals (39.71%), Electronic Goods (38.96%), Coffee
(34.31%), Meat, Dairy & Poultry Products (31.37%), Handicrafts Excl. Hand Made Carpet (29.74%),
Gems & Jewellery (27.8%), Engineering Goods (23.76%), Drugs & Pharmaceuticals (20.91%), Ceramic
Products & Glassware (20.07%), Organic & Inorganic Chemicals (18.49%), Cereal Preparations &
Miscellaneous Processed Items (17.69%), Tea (17.42%), Man-Made Yarn/Fabs./Made-Ups Etc. (15.72%),
Marine Products (15.54%), Spices (12.96%), Petroleum Products (11.65%), Rmg Of All Textiles
(11.27%), Leather & Leather Products (5.88%), Tobacco (5.57%), Cotton Yarn/Fabs./Made-Ups,
Handloom Products Etc. (4.09%) and Fruits & Vegetables (3.09%) record positive growth during
November 2025 over the corresponding month of last year.
Imports of Gold (-59.15%), Newsprint (-23.37%), Vegetable Oil (-19.77%), Petroleum, Crude & Products
(-11.27%), Coal, Coke & Briquettes, Etc. (-5.71%), Chemical Material & Products (-4.05%), Artificial
Resins, Plastic Materials, Etc. (-2.42%), Pulp And Waste Paper (-1.31%) and Organic & Inorganic
Chemicals (-0.1%) record negative growth during November 2025 over the corresponding month of last
year.
Services exports is estimated to grow by 8.65 percent during April-November 2025* over April-November
2024.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in November 2025 vis a
vis November 2024 are U S A (22.61%), China P Rp (90.12%), Spain (181.33%), U Arab Emts (13.16%)
and Tanzania Rep (126.36%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-November 2025
vis a vis April-November 2024 are U S A (11.38%), China P Rp (32.83%), Spain (54.54%), U Arab Emts
(6.7%) and Hong Kong (22.37%).
Top 5 import sources, in terms of change in value, exhibiting growth in November 2025 vis a vis
November 2024 are China P Rp (18.28%), U S A (38.29%), Thailand (80.96%), Hong Kong (41.44%) and
Brazil (77.42%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-November 2025 vis a vis
April-November 2024 are China P Rp (12.63%), U S A (13.49%), Hong Kong (32.43%), U Arab Emts
(8.81%) and Ireland (137%).
*Link for Quick Estimates
***
Abhishek Dayal/ Shabbir Azad
(रलीज़ आईडी: 2204071) आगंतुक पटल : 7071इस वज्ञ को इन भाषाओ ंम पढ़: Urdu , ही , Marathi