India’s Trade Deficit Widens to $24.5 Billion in November as Imports Surge Past $62 Billion

India’s merchandise trade position deteriorated in November 2025, with the deficit widening to $24.53 billion, primarily driven by robust import growth. The latest figures reflect lingering global trade pressures and seasonal import demand ahead of the year-end.

Key highlights:

Exports: Merchandise exports totaled $38.13 billion, indicating weak global demand and soft prices across key categories.

Imports: Remained elevated at $62.66 billion, suggesting strong domestic consumption and higher energy import bills.

Trade deficit: Widened to $24.53 billion, substantially higher than the Reuters poll forecast of $32 billion.

The expanding gap may add pressure on India’s current account balance and the rupee, especially if oil prices continue trending higher.

Recent policy efforts to promote export competitiveness could provide mid-term relief but are likely to have limited near-term impact.

India’s trade trends underscore the persistent imbalance between domestic demand and external sector dynamics.

Source: Reuters, Ministry of Commerce and Industry