Context
• India has been facing global economic uncertainty, slowing external demand and volatile commodity prices.
• In this backdrop, trade deficit trends are closely tracked as they affect current account balance, forex stability, and growth outlook.
Summary
• India’s merchandise trade deficit sharply narrowed by over 61% to $6.6 billion in November 2025.
• The improvement was driven by strong recovery in merchandise exports and moderation in imports, especially gold.
Key Data
Total exports:
• Grew 15.5% to $74 billion (Nov 2025).
Merchandise exports:
• Rose 19.4% to $38.1 billion — highest November level in the last 10 years.
Total imports:
• Declined 0.6% to $80.6 billion.
Merchandise imports:
• Fell 1.9% to $62.7 billion.
• Were 17.6% lower than October, mainly due to a sharp fall in gold imports.
Gold imports:
• Fell nearly 60% year-on-year and about 73% month-on-month.
