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India’s merchandise exports rebounded to ~$38.1 bn in Nov 2025, up ~19% YoY, after two weak months. Upstox flags three tailwinds: US holiday restocking, a softer rupee boosting price competitiveness, and buyers diversifying supply chains away from single-country risk. Sectorally, electronics/engineering/pharma led, helping shrink the trade gap to a 5-month low even amid tariff headwinds to the US.
