The week in charts: Exports rebound, tourism drag, nuclear shift, lower unemployment

India’s merchandise exports rose to $38 billion in November, posting year-on-year growth of 19.36%—the strongest since June 2022. Notably, the US shifted from being a drag in recent months to a key contributor, with shipments rebounding after two consecutive months of decline despite higher tariffs remaining in place. Exports to the US grew 22.6% during the month.

Further support came from strong export growth to China (90.1%) and the United Arab Emirates (UAE) (13.14%). The strong growth in exports and a 1.89% decline in imports helped narrow the trade deficit to $24.53 billion from $41.68 billion in October.India’s unemployment rate eased to 4.7% in November, marking its lowest level since the statistics ministry began releasing monthly Periodic Labour Force Survey (PLFS) data in April. The decline was broad-based as joblessness eased for men and women in both rural and urban areas.

In rural areas, male unemployment fell to 4.1% in November from 4.6% in October, and female joblessness dropped to 3.4% from 4.0%, reversing earlier increases. In urban areas, unemployment for men eased to 5.6% from 6.1% in October. While the unemployment rate for urban women eased to 9.3% from 9.7%, it continued to paint a bleak picture of high joblessness among the group.India's tourism industry is facing another tough year in 2025.

Foreign tourist arrivals (FTAs) have struggled in the first nine months and are likely to fall short of pre-pandemic levels. Persistent issues like high costs, infrastructure gaps, and safety concerns have been compounded by a sharp drop in visitors from Bangladesh. Data shared in Parliament shows FTAs stood at 6.18 million in January-September, which is 12% lower than the year-ago period.