FIEO Hails Robust Growth in India’s Exports; Trade Deficit Narrows Sharply in November

New Delhi, December 15, 2025: Commenting on the latest trade figures released by the Ministry of Commerce & Industry, S. C. Ralhan, President of the Federation of Indian Export Organisations (FIEO), expressed satisfaction over the strong performance of India’s exports in November, reflecting the resilience and competitiveness of the country’s export sector.
 
India’s merchandise exports rose to USD 38.13 billion in November, registering a robust year-on-year growth of 19.37 percent. Merchandise imports during the month stood at USD 62.66 billion. On the services front, exports increased significantly to USD 35.86 billion, up from USD 32.11 billion, while services imports edged up marginally to USD 17.96 billion from USD 17.25 billion in the corresponding period last year.
 
Ralhan noted that the impressive growth of nearly 19.4 percent in merchandise exports, coupled with sustained momentum in services exports, is a highly encouraging signal for India’s external sector. The sharp contraction in the trade deficit underscores the ability of Indian exporters to effectively respond to global demand, even amid persistent geopolitical tensions and economic uncertainties worldwide.
 
Overall, India’s total exports in November reached USD 73.99 billion, marking a significant increase from USD 64.05 billion in the same period last year. Total imports during the month declined marginally to USD 80.63 billion, compared to USD 81.11 billion in November 2024. A key positive highlight was the sharp narrowing of the merchandise trade deficit to USD 24.53 billion, from USD 41.68 billion in October, reflecting stronger export momentum and improved trade management, the FIEO President said.
 
Ralhan further emphasized that diversification of export markets, along with the continued resilience of several key sectors, has played a crucial role in supporting export growth. With sustained policy support, enhanced logistics efficiency, and access to competitive export financing, India’s exports are well-positioned to maintain this positive trajectory in the coming months.
 
The FIEO Chief also reiterated that during April–November 2025, the United States remained India’s top export destination, despite the imposition of a high tariff of 50 percent—clearly demonstrating the resilience and adaptability of India’s exporting community. Other major export destinations during this period included UAE, Netherlands, China, the UK, Germany, Singapore, Bangladesh, Saudi Arabia, and Hong Kong. On the import side, key source countries were China, the USA, Russia, Saudi Arabia, Iraq, Hong Kong, Singapore, Switzerland, and Japan.
 
Ralhan reiterated the need for continued policy interventions aimed at improving cost competitiveness, easing compliance and procedural challenges, and enhancing market access, to sustain export growth and further reduce the trade deficit.