News / India sees air exports grow, but ports register downturn in ocean volumes

Despite the heightened pressure of US tariffs, India’s goods export trade with its largest partner saw significant expansion last month, up about 23% by value, year on year, according to new data – a four-month high of $6.98bn.

The country’s overall outbound merchandise trade spiked 19% year on year, to some $38bn, provisional data shows.

Local industry sources agree that traction in bilateral trade was especially noteworthy, but they believe the boost came from higher air freight volumes, mainly electronics, gems and jewellery and pharmaceuticals.

The US is the largest market for Indian gems and jewellery products, and swelled 28% year on year, coinciding with the Thanksgiving shopping demand.

India-made iPhone exports have soared dramatically this year — hitting some $10bn by value in the first half of fiscal year 2025-26, data shows.

“The growth was much to do with commodities generally air freighted, along with higher (Indian) rupee realisation for exporters due to a strengthening [US] dollar,” one Mumbai-based container line executive told The Loadstar.

But the overall November trade rebound sparked a fresh air of optimism among Indian exporters. SC Ralhan, president of the Federation of Indian Export Organisations, called it “a highly encouraging signal for India’s external sector”.

He added: “Diversification of export markets, along with the continued resilience of several key sectors, has played a crucial role in supporting export growth. With sustained policy support, enhanced logistics efficiency, and access to competitive export financing, India’s exports are well-positioned to maintain this positive trajectory in the coming months.”

On the other hand, Indian export volumes by ocean have steadily declined, following tariffs, forcing major carriers to drop freight rates and adjust capacity by blanking sailings, liner industry sources reveal.

Major carriers are now selling space for shipments from Nhava Sheva Port to the US east coast at as low as $1,300 and $1,500 per 40ft, the lowest prices seen in the past few years.

Reflecting the downturn, Nhava Sheva handled some 665,000 teu last month, compared with 680,000 teu in October.

Additionally, combined container volumes exported and imported through major Indian government ports in November decreased to 1.1m teu from 1.2m teu in October, preliminary port data shows.