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India’s trade deficit narrowed to USD 24.53 billion in November 2025 from USD 31.92 billion in the same month last year, according to preliminary estimates. This marked the smallest trade gap in five months, as exports surged 19.37% year-on-year to a six-month high of USD 38.13 billion, supported by government measures, including export incentives aimed at mitigating the economic impact of the 50% US tariffs imposed at the end of August. Exports to the US rose by USD 1.3 billion in November despite the tariffs, while shipments to China increased by USD 1 billion, with Spain, the UAE, and Tanzania also recording solid gains. Meanwhile, imports fell 1.88% to USD 62.66 billion, largely due to a sharp drop of around 60% in gold imports, alongside declines in oil and coal shipments. On a cumulative basis, exports increased 2.62% to USD 292.07 billion during April–November, while imports rose 5.59% to USD 515.21 billion over the same period a year earlier.