Goods exports in Nov 2025 stood at 3810 Crore - Rubix Data Sciences Report
Major developments in November:
* Goods exports in November 2025 stood at USD 38.1 billion, which is the highest export out of any November in the last 10 years.
* This six-month peak in November from January to November 2025 can be mainly attributed to increased shipments of engineering and electronics goods.
* Record trade deficit in October 2025 came down sharply in November 2025
* Trade deficit widened from USD 255 billion in 2024 (January– November) to USD 282.5 billion in the same period, growing 11%.
* India’s merchandise trade deficit hit a record USD 41.7 billion in October 2025, primarily driven by a tripling of gold imports. However, in November 2025, the trade deficit declined to a five-month low of USD 24.6 billion, primarily driven by a fall in gold, oil, and coal imports, while exports to the US picked up.
Pre-Trump (January–November 2024) vs Trump’s Presidency (January–November 2025):
* Despite high tariffs, the US continues to be the preferred destination for Indian exports.
* India’s exports grew faster than imports, leading to a higher trade surplus for India
* Total merchandise trade (exports plus imports) increased from USD 114.4 billion during January– November 2024 to USD 131.7 billion during January–November 2025, recording 15% growth.
* Exports stood at USD 85.6 billion for January–November 2025, recording 16% growth for the same period in 2024, while imports grew by 13.5%. Consequently, for the same period, India’s trade surplus increased from USD 33.2 billion to USD 39.4 billion.
Impact of Western sanctions on India's oil and petroleum trade:
* India’s crude oil imports from Russia fell 17.8% during January–October 2025 (compared to January–October 2024), as the EU’s July sanctions and US secondary sanctions increased compliance risks and forced refiners to scale back Russian barrels, especially for export-oriented units. The US further sanctioned Russia’s Rosneft and Lukoil, making the scenario challenging for Indian importers, as oil imports are expected to scale down from December 2025.
* As Indian refiners reduced reliance on Russia, imports from the US and UAE surged by 83.3% and 8.7% respectively, reflecting a strategic shift toward “clean” barrels that could be used for exports without violating Western restrictions.
Above views are of the author and not of the website kindly read disclaimer
