India’s exports likely to rise by 15%, reach $36bn for Nov

India could see its exports in the month of November rise by around 15% to $36 billion because it has successfully managed to diversify its export markets, two people with direct knowledge of the data said.

- Rajeev Jayaswal

The growth, from a little less than $32 billion last November comes amidst global headwinds, including steep tariffs levied by the US on exports from India.

India’s merchandise exports growth in November was also accompanied by a significant reduction in imports, narrowing the trade deficit, the people added, requesting anonymity because data is preliminary, and based on an advance estimate.

An import surge in October on the back of high gold and silver demand saw the trade deficit widening to a record $41.68 billion that month. Preliminary data shows a remarkable fall in trade deficit with significant reduction in imports of precious metals in November, the two people said.

Although a high 50% US tariff imposed on Indian goods since August this year has adversely impacted India's merchandise trade in its biggest market, the country has recovered from the shock to a great extent with trade diversification, the people added. While India's merchandise exports to the US saw a sharp 12% year-on-year dip to $5.47 billion in September, the fall in the next month (October) was 8.6% to $6.31 billion.