New Delhi: India’s merchandise exports to the US have grown month-on-month since September—when the Trump administration’s 50 percent tariff came into effect—touching $6.98 billion in November, according to the data released by the Ministry of Commerce and Industry Monday.
However, when compared with the trend during the first five months of this fiscal, the monthly exports figures for September and October were lower.
Year-on-year, in the first eight months of this fiscal (April-November), India’s merchandise exports to the US have grown by 11 percent from the last financial year. However, both September and October this year saw exports decline compared to the corresponding months last year.
Compared to September 2024, exports in September 2025 were 11.92 percent lower, at $5.47 billion. Similarly, October’s exports this year stood at $6.31 billion, a decline from $6.9 billion compared to the corresponding month last year.
However, November has seen exports pick up, with the total merchandise exports to the US at $6.98 billion, a 10 percent increase from the previous month, and 22 per cent from November 2024 when it was $5.7 billion.
Overall, the latest trade data showed, India’s merchandise exports to the US between April and November 2025 was at $59.04 billion. During the corresponding period last financial year, the numbers stood at $53.01 billion.
Trump imposed 50 percent tariffs on India from the end of August. The original tariffs imposed by Trump to balance trade was 25 per cent, with a further 25 per cent imposed as a penalty due to India’s continued imports of Russian oil.
Also Read: India-US call for more sanctions on terrorists linked to LeT, JeM
Electronic, engineering goods
The overall merchandise exports to all countries from India for November stood at $38.13 billion, which is the highest for this month in roughly 10 years. This was also 10.91 percent higher compared to October this year, when the figures stood at $34.38 billion.
As for imports, India’s inward merchandise shipments for November 2025 were $62.66 billion, which is a marginal decline from November 2024, when they stood at roughly $63.87 billion.
The narrowing trade deficit is partly due to the sharp decline in the import of gold. It has also been aided by the falling global oil prices.
India’s total value of petroleum imports between April and October 2025 stood at $106.9 billion, 4.5 per cent lower than the corresponding period last year, when it imported $111.9 billion worth of petroleum products.
This decrease came despite the total volume of imports increasing by 7.5 percent from 192.4 million tonnes to 206.9 million tonnes during the corresponding period.
The average per tonne unit price of petroleum has fallen by 11.2 percent from around $581.8 last year to $516.8 this year (April-October).
India-US trade deal
India has been seeking to complete the first tranche of a bilateral trade agreement with the US since it was announced by Prime Minister Narendra Modi and President Trump in February. The negotiations have continued at a snail’s pace, with an announcement unlikely anytime soon.
Further rounds of negotiations between India and the US is unlikely with the agreement now waiting for the political leadership for the final call.
Last week, US Trade Representative Jamieson Greer announced that the North American nation had received its “best ever” offer from New Delhi for a trade deal. Deputy US Trade Representative Rick Switzer travelled to India last week. Switzer’s visit was an effort to familiarise himself with the India-US relationship.
Modi spoke with Trump last week—the third conversation between the two leaders since September—as the two countries continue to wait for a breakthrough in trade negotiations. Political ties between the two sides have cooled during parts of this year, especially after Trump took credit for the pause in hostilities between India and Pakistan following Operation Sindoor in May. India has rejected Trump’s claims.
The two leaders reviewed bilateral ties during their latest call, however, the Indian readout made no mention of discussions surrounding trade. “Both leaders reviewed the steady progress in India–U.S. bilateral relations,” the Ministry of External Affairs said in its statement.
(Edited by Ajeet Tiwari)
Also Read: A call, and a decision—Modi to attend ASEAN summit virtually, ruling out possible meeting with Trump