India’s trade data for November reveals continued resilience in exports despite mounting U.S. tariffs on several key products. This is particularly significant given that the U.S. remains India’s largest export partner by a substantial margin. Interestingly, overall exports have not only grown, but shipments specifically to the U.S. have also rebounded.
This resilience is driven by two distinct trends: first, a surge in smartphone exports to the U.S. is effectively offsetting declines in other sectors; second, Indian exporters are successfully mitigating the impact of U.S. market losses by rapidly diversifying into alternative global markets.
India’s November trade data revealed a significant reversal: in November this year, exports to the U.S. increased by nearly 22.6% year-on-year, bringing growth for the April-November 2025 period to 11.4%.
The U.S. remained India’s top export destination by a huge margin; in November, shipments to the U.S. reached nearly $7 billion, more than double the $3.38 billion sent to the UAE, India’s second-largest partner.
This rebound was counterintuitive, as exports to the U.S. had contracted by 12% in September and 9% in October. Furthermore, India’s manufacturing Purchasing Managers’ Index (PMI) had hit a nine-month low in November, with the new Export Orders sub-index slipping to a 13-month low.
Despite these indicators suggesting a further decline, exports to the U.S. in November bucked the trend with a substantial increase.
While the detailed commodity-country pairings for November are still awaited, a deep dive into the August-October data shows the underlying shifts in India’s trade dynamics.
Electronic goods
This surge is being driven primarily by electronic goods, which is one of the products that dominates India’s export basket to the U.S. Much of this momentum is fueled by smartphone exports, which have remained largely insulated from tariffs.
A look at the August–October data highlights this shift: electronic goods exports to the U.S. more than doubled, rising from $2,139 million in 2024 to $4,574 million in 2025. During this window, the U.S. share of India’s total electronic goods exports jumped from 25% to roughly 43%.
Given this trajectory, the unexpected reversal in November’s overall export figures was likely spearheaded by a continued surge in smartphone exports. Once the specific commodity-country pairing data is released for November, we will have a clearer picture of whether this “electronics shield” is holding firm.
These figures illustrate a critical nuance: the increase in U.S. exports in November is concentrated in commodities that remain outside the purview of the current tariff regime. This explains a significant part of the puzzle—why U.S. exports grew despite the broader trade standoff.
That said, India’s reliance on the U.S. extends to several other commodities that fall under the tariff regime. One might expect these tariffs to have dented export figures; yet, the broader picture remains resilient. Overall exports surged by 19.4% in November, bringing the growth for the April–November period to 2.6%. What explains this?
Gems and Jewellery
Gems and jewellery, one of the major products which is exported to the U.S. drew a significant hit.
Data from the August–October window highlights this shift: gems and jewellery exports to the U.S. more than halved, plummeting from $2,617 million in 2024 to $1,011 million in 2025. This is a 60% year-on-year drop for the period. During this period, the U.S. share of India’s total gems and jewellery exports narrowed sharply, falling from 32.4% to approximately 13.6%
Despite the sharp contraction in the U.S. market, India’s overall gems and jewellery exports proved remarkably resilient. In August–October, total exports dipped by only about 8%. By November 2025, the sector staged a significant recovery, with overall gems and jewellery exports surging by nearly 28% year-on-year. For the April–November period, the cumulative decline was less than 1%.
This ability to offset a massive U.S. slump suggests that Indian exporters are successfully diversifying into alternative global markets.
Marine products
A similar turnaround can also be seen in the marine products. Most products under the marine sector too came under the tariff regime.
Data from the August–October window highlights this shift: marine products exports to the U.S. declined by 27.4%, plummeting from $727 million in 2024 to $528 million in 2025. During this period, the U.S. share of India’s total marine exports narrowed, falling from 36.5% to approximately 23.2%.
Despite the sharp contraction in the U.S. market, India’s overall marine exports surged ahead. In August–October, total exports increased by 14%. This continued in November. In November 2025, the sector staged a significant recovery, with overall marine exports surging by nearly 15.5% year-on-year.
The data for the charts were sourced from CMIE, PIB, and Ministry of Commerce and Industry
Published – December 19, 2025 08:00 am IST
