Export performance

India’s goods exports contracted 4.9% on year in November, after a healthy performance previous month.

While goods exports seem to be doing better from the last fiscal on a cumulative basis, they remain somewhat subdued, based on their recent historical performance (Chart 1). After rising sharply for two years post pandemic (fiscal 2021), in response to the pent-up demand, goods exports have remained range bound. Cumulative exports during Apr-Nov of fiscal 2025, for instance, remain below that in the same period in fiscal 2023.