India goods exports rise in November despite U.S. tariffs

India's total goods exports for November rose 19% on year to $38.13 billion, with sharp improvement in the country's trade with U.S.

India's merchandise goods trade deficit, which had touched a record high of roughly $41.7 billion in October, shrank to $24.5 billion in November, beating a Reuters poll estimate of $32 billion.

India's exports to the U.S. rose 22.6% in November to $6.98 billion, which is even higher than its exports of $6.31 billion in the prior month.

India's exports to the U.S. were down 8.6% in October and 11.9% in September.

India's exports of goods and services for November were up 15.52% at $73.99 billion.

Exports of electronics, gems and jewelry, engineering goods, and even readymade textiles improved in November as compared to a year ago.

In August, the U.S. imposed an additional 25% tariff on Indian imports, raising total duties to as high as 50%, among the steepest imposed by Washington on its trading partners, with textiles, gems and jewelry, and marine products being hit the hardest.

"Despite global headwinds, India registered positive export growth with 14 out of its 20 major trading partners, reflecting increasing diversification and resilience in external trade," said Rajeev Juneja, President of India industry body PHDCCI.

Trade negotiations between the U.S. and India have been underway for months, but a deal has been elusive so far. Both sides have begun to soften their stance, with U.S. President Donald Trump hinting at reducing tariffs on India.

Reaching out to Washington, New Delhi has increased oil and gas purchases from the U.S. to reduce the trade surplus it enjoys with Washington. The country is also expected to purchase farm products from the U.S.