India’s merchandise trade deficit up $27.28 bn at $223.13 billion in April-November 2025

India’s merchandise trade deficit ballooned to $223.13 billion in April-November 2025, from $203.33 billion during April-November 2024, showing an increase of $27.28 billion year-on-year.

India’s merchandise exports stood at $38.13 billion in Novermber 2025, showing a year-on-year increase of $6.19 billion from $31.94 billion in November 2024 while merchandise imports during November 2025 stood lower at $62.66 billion compared with $63.87 billion in November 2024.

Merchandise exports from the country during April-November 2025 stood higher at $292.07 billion against $284.60 billion during April-November 2024 while merchandise imports during April-November 2025 stood $27.28 billion higher at $515.21 billion against $487.93 billion during April-November 2024.

Non-petroleum and non-gems and jewellery exports accounted for $31.56 billion in November 2025 against $ 26.35 billion in November 2024 while imports of non-petroleum, non-gems and jewellery in November 2025 stood at $41.61 billion compared to $36.67 billion in November 2024.

Export of non-petroleum and non-gems and jewellery exports in April-November 2025 stood at $ 234.94 billion, against $220.76 billion in April-November 2024 while such imports into the country during the period stood at $ 329.36 billion, against $301.23 billion in April-November 2024.

Exports of iron ore, cashew, oil meals, cereals, mica, coal and other ores, minerals (including processed minerals), electronic goods, coffee, meat, dairy and poultry products, handicrafts (excluding hand made carpet, gems and jewellery, engineering goods, drugs and pharmaceuticals, ceramic products and glassware, organic and inorganic chemicals, cereal preparations and miscellaneous processed items, tea, man-made yarn/fabrics/madeups etc, marine products, spices, petroleum products, ready-made garments, leather and leather products, tobacco, cotton yarn/fabrics/madeups, handloom products etc and fruits and vegetables record year-on-year growth during November 2025.

Against this, imports of gold, newsprint, vegetable oil, petroleum, crude and products, coal, coke and briquettes, etc, chemical material and products, artificial resins, plastic materials, etc, pulp and waste paper and organic and inorganic chemicals registered negative growth year-on-year during November 2025.

During the April-November 2025 period India exported services worth $270.06 billion against exports valued at $248.56 billion in April-November 2024 while importing services worth $135.93 billion and importing services worth $132.21 billion in April-November 2024. This resulted in a services trade surplus of $134.13 billion in April-November 2025 against imports valued at $116.35 billion in April-November 2024. 

This takes the country’s overall trade deficit in April-November 2025 to $89 billion