India’s commerce statistics for November revealed that exports continued to recuperate regardless of elevated tariffs by the US on a number of key merchandise. That is particularly essential provided that the US stays India’s largest export companion by a large margin. Apparently, not solely did total exports improve, however shipments particularly to america additionally recovered.
This resilience is being pushed by two distinct developments. One is that the surge in smartphone exports to the US is successfully offsetting declines in different sectors. Second, Indian exporters have been profitable in mitigating the influence of losses within the US market by quickly diversifying into various world markets.
India’s November commerce statistics revealed a major reversal, with exports to the US growing by almost 22.6% year-on-year in November this yr, with a development price of 11.4% from April to November 2025.
The US stays India’s largest export vacation spot by a large margin. In November, shipments to america reached almost $7 billion, greater than double the $3.38 billion shipped to the UAE, India’s second-largest companion.
This restoration was counterintuitive, as exports to america had been down 12% in September and 9% in October. Moreover, India’s Manufacturing Buying Managers Index (PMI) hit its lowest degree in 9 months in November, and the brand new export orders sub-index additionally hit its lowest degree in 13 months.
Regardless of these indicators suggesting additional decline, exports to america bucked the pattern and elevated considerably in November.
Whereas the detailed mixture of commodity and commodity nations for November continues to be awaited, a deep dive into the August-October information reveals a basic shift in India’s commerce dynamics.
electrical merchandise
This surge is primarily pushed by digital merchandise, that are among the many merchandise that make up the majority of India’s export basket to the US. A lot of this momentum is being pushed by smartphone exports, which have little safety from tariffs.
This variation is highlighted once we have a look at the info from August to October. Digital product exports to america greater than doubled, growing from $2.139 billion in 2024 to $4.574 billion in 2025. Throughout this era, the US share of India’s complete electronics exports jumped from 25% to about 43%.
Given this trajectory, the sudden reversal in total exports in November was probably led by a continued surge in smartphone exports. As soon as information for particular product and nation combos are launched for November, it’ll turn out to be clearer whether or not this “digital protect” is firmly in place.
These numbers present an essential nuance that the rise in US exports in November is concentrated in items that fall outdoors the scope of the present tariff regime. This explains a key a part of the puzzle of why U.S. exports have elevated regardless of widespread commerce conflicts.
Nonetheless, India’s dependence on the US extends to a number of different items which can be topic to the tariff regime. Some would possibly anticipate these tariffs to depress export values. Nonetheless, the general image stays resilient. Total exports elevated by 19.4% in November, and the expansion price from April to November was 2.6%. What explains this?
gems and jewellery
Gems and jewellery, one of many main merchandise exported to america, was hit arduous.
Knowledge from August to October highlights this shift. Gem and jewellery exports to america plummeted by greater than half, from $2.617 billion in 2024 to $1.011 billion in 2025. It is a 60% year-on-year lower for this era. Throughout this era, the US share of India’s complete gems and jewellery exports declined sharply, falling from 32.4% to roughly 13.6%.
Regardless of a pointy contraction within the US market, gems and jewelery exports throughout India have confirmed to be surprisingly resilient. From August to October, complete exports fell by solely about 8%. By November 2025, the sector had seen a powerful restoration, with total gems and jewelery exports surging by almost 28% year-on-year. The cumulative decline from April to November was lower than 1%.
This skill to offset the foremost US recession means that Indian exporters are efficiently diversifying into various international markets.
marine merchandise
Related enhancements could be seen in seafood. Most merchandise within the marine sector had been additionally topic to the tariff regime.
Knowledge from August to October spotlight this shift. Seafood exports to america declined by 27.4%, plummeting from $727 million in 2024 to $528 million in 2025. Throughout this era, the US share of India’s complete seafood exports shrank, falling from 36.5% to roughly 23.2%.
Regardless of a pointy contraction within the US market, total Indian seafood exports surged forward. Complete exports elevated by 14% from August to October. This continued into November. In November 2025, the sector noticed a powerful restoration, with total ocean exports surging by almost 15.5% year-on-year.
Knowledge for the graph was supplied by CMIE, PIB, and the Ministry of Business and Commerce.
issued – December 19, 2025 8:00 AM IST
