India’s November exports figures reflect resilience, competitiveness despite US tariffs: Industry

New Delhi, Dec 15 Leading industry bodies on Monday expressed satisfaction over the strong performance of India’s exports in November despite global uncertainties and 50 per cent US tariffs, reflecting the resilience and competitiveness of the country’s export sector.

India’s merchandise exports rose to $38.13 billion in November, registering a robust year-on-year growth of 19.37 per cent. Merchandise imports during the month stood at $62.66 billion.

On the services front, exports increased significantly to $35.86 billion, up from $32.11 billion, while services imports edged up marginally to $17.96 billion from $17.25 billion in the corresponding period last year.

Federation of Indian Export Organisations (FIEO) President S.C. Ralhan noted that the impressive growth of nearly 19.4 per cent 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, he noted.

Ralhan further emphasised 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 per cent — clearly demonstrating the resilience and adaptability of India’s exporting community.

Other major export destinations during this period included the UAE, the 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.

PHDCCI President Rajeev Juneja said that India’s exports are expected to continue on a resilient growth trajectory, supported by sustained government efforts to diversify export markets and enhance global competitiveness.

He noted that the government’s Export Promotion Mission (EPM) and deeper engagement across regions, including the US, EU, Gulf Cooperation Council (GCC), and Asia-Pacific, will play a pivotal role in propelling India’s export growth.

EEPC India Chairman Pankaj Chadha said that the latest numbers are quite encouraging, especially in light of the 50 per cent punitive tariff imposed by the Donald Trump administration on the bulk of items in India's export basket.

The strong performance in November 2025 shows the resilience of the engineering industry and also how it has been swiftly adapting to the evolving global situation with constant support from the government.

"Going forward, we hope that the Indian engineering sector will successfully diversify its market. There are multiple trade deals in the pipeline, and they would help the sector deepen its presence in the global market. We are expecting that the government will finalise the guidelines for implementing the Rs 25,000 crore Export Promotion Mission," Chadha noted.

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