5 months ago
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India’s commercialized information for November reveals continued resilience successful exports contempt mounting U.S. tariffs connected respective cardinal products. This is peculiarly important fixed that the U.S. remains India’s largest export spouse by a important margin. Interestingly, wide exports person not lone grown, but shipments specifically to the U.S. person besides rebounded.
This resilience is driven by 2 chiseled trends: first, a surge successful smartphone exports to the U.S. is efficaciously offsetting declines successful different sectors; second, Indian exporters are successfully mitigating the interaction of U.S. marketplace losses by rapidly diversifying into alternate planetary markets.
India’s November commercialized information revealed a important reversal: successful November this year, exports to the U.S. accrued by astir 22.6% year-on-year, bringing maturation for the April-November 2025 play to 11.4%.
The U.S. remained India’s apical export destination by a immense margin; successful November, shipments to the U.S. reached astir $7 billion, much than treble the $3.38 cardinal sent to the UAE, India’s second-largest partner.
This rebound was counterintuitive, arsenic exports to the U.S. had contracted by 12% successful September and 9% successful October. Furthermore, India’s manufacturing Purchasing Managers’ Index (PMI) had deed a nine-month debased successful November, with the caller Export Orders sub-index slipping to a 13-month low.
Despite these indicators suggesting a further decline, exports to the U.S. successful November bucked the inclination with a important increase.
While the elaborate commodity-country pairings for November are inactive awaited, a heavy dive into the August-October information shows the underlying shifts successful India’s commercialized dynamics.
Electronic goods
This surge is being driven chiefly by physics goods, which is 1 of the products that dominates India’s export handbasket to the U.S. Much of this momentum is fueled by smartphone exports, which person remained mostly insulated from tariffs.
A look astatine the August–October information highlights this shift: physics goods exports to the U.S. much than doubled, rising from $2,139 cardinal successful 2024 to $4,574 cardinal successful 2025. During this window, the U.S. stock of India’s full physics goods exports jumped from 25% to astir 43%.
Given this trajectory, the unexpected reversal successful November’s wide export figures was apt spearheaded by a continued surge successful smartphone exports. Once the circumstantial commodity-country pairing information is released for November, we volition person a clearer representation of whether this “electronics shield” is holding firm.
These figures exemplify a captious nuance: the summation successful U.S. exports successful November is concentrated successful commodities that stay extracurricular the purview of the existent tariff regime. This explains a important portion of the puzzle—why U.S. exports grew contempt the broader commercialized standoff.
That said, India’s reliance connected the U.S. extends to respective different commodities that autumn nether the tariff regime. One mightiness expect these tariffs to person dented export figures; yet, the broader representation remains resilient. Overall exports surged by 19.4% successful November, bringing the maturation for the April–November play to 2.6%. What explains this?
Gems and Jewellery
Gems and jewellery, 1 of the large products which is exported to the U.S. drew a important hit.
Data from the August–October model highlights this shift: gems and jewellery exports to the U.S. much than halved, plummeting from $2,617 cardinal successful 2024 to $1,011 cardinal successful 2025. This is simply a 60% year-on-year driblet for the period. During this period, the U.S. stock of India’s full gems and jewellery exports narrowed sharply, falling from 32.4% to astir 13.6%
Despite the crisp contraction successful the U.S. market, India’s wide gems and jewellery exports proved remarkably resilient. In August–October, full exports dipped by lone astir 8%. By November 2025, the assemblage staged a important recovery, with wide gems and jewellery exports surging by astir 28% year-on-year. For the April–November period, the cumulative diminution was little than 1%.
This quality to offset a monolithic U.S. slump suggests that Indian exporters are successfully diversifying into alternate planetary markets.
Marine products
A akin turnaround tin besides beryllium seen successful the marine products. Most products nether the marine assemblage excessively came nether the tariff regime.
Data from the August–October model highlights this shift: marine products exports to the U.S. declined by 27.4%, plummeting from $727 cardinal successful 2024 to $528 cardinal successful 2025. During this period, the U.S. stock of India’s full marine exports narrowed, falling from 36.5% to astir 23.2%.
Despite the crisp contraction successful the U.S. market, India’s wide marine exports surged ahead. In August–October, full exports accrued by 14%. This continued successful November. In November 2025, the assemblage staged a important recovery, with wide marine exports surging by astir 15.5% year-on-year.
The information for the charts were sourced from CMIE, PIB, and Ministry of Commerce and Industry
