India’s exports return to growth in November after sharp October dip

India’s merchandise exports have regained momentum in November after a steep decline last month, Commerce and Industry Minister Piyush Goyal said. Citing preliminary data up to November 21, Goyal confirmed that outbound shipments have moved back into positive territory.

Speaking to the media after chairing a meeting of the Board of Trade, the minister noted that several categories—particularly seafood—are showing robust growth. He said the broader export outlook has been improving consistently, with many sectors reporting stronger performance compared with the same period last year.

The rebound follows an 11.8% contraction in October, when exports dropped to USD 34.38 billion amid the impact of elevated tariff barriers imposed by the United States. The slump, combined with a surge in gold imports, had pushed India’s trade deficit to a record USD 41.68 billion for the month.

For the April–October period of FY26, merchandise exports edged up 0.63% to USD 254.25 billion, while imports expanded 6.37% to USD 451.08 billion.

Goyal also provided an update on ongoing policy discussions surrounding special economic zones (SEZs). He said inter-ministerial deliberations are progressing actively to enhance the global competitiveness of SEZ-based units. According to him, underutilised capacity in these zones could be strategically deployed to reduce import dependence on countries such as China and members of the ASEAN bloc.