The Board of Trade (BoT), chaired by Commerce and Industry Minister Piyush Goyal, is scheduled to meet on Tuesday, with the agenda focused on strategies to revive India’s export momentum amid the sharp tariff escalation by the United States, an official said.
Headed by the minister, the BoT brings together representatives from states, Union territories, industry bodies, and export promotion councils to deliberate on challenges and emerging opportunities in India’s foreign trade landscape.
“The BoT is meeting on November 25,” the official confirmed.
Exports Hit by US Tariffs
The meeting comes at a critical juncture, as India’s exports fell 11.8% in October to $34.38 billion, heavily impacted by the 50% tariff imposed by the US on key Indian goods. The country’s trade deficit widened to an all-time high of $41.68 billion, driven by a surge in gold imports.
Shipments to the US—India’s largest export destination—declined for the second straight month, falling 8.58% in October to $6.3 billion. India and the US are currently negotiating a bilateral trade agreement, with the first phase expected to be announced soon, aimed at addressing tariff-related disruptions.
Imports at Record High
India’s imports in October jumped 16.63% to a historic $76.06 billion, led by higher inflows of gold, silver, cotton raw/waste, fertilisers, and sulphur.
Government Steps Up Support
To counter global uncertainties and the impact of US tariffs, the government approved a new Export Promotion Mission on November 12, with an outlay of ₹25,060 crore for the six financial years starting from 2025–26.
Two sub-schemes will drive the initiative:
Niryat Protsahan – ₹10,401 crore
Niryat Disha – ₹14,659 crore
These schemes aim to strengthen exporters’ competitiveness and support market diversification efforts.
Forum for Trade Dialogue
The Board of Trade serves as a key platform for consultation with trade and industry leaders on policy measures needed to boost India’s exports. It also enables states and Union territories to present their views on trade issues and understand global developments affecting India’s export potential.
Export Outlook
During April–October of the current fiscal year, India’s exports rose 0.63% to $254.25 billion, while imports grew 6.37% to $451.08 billion.
India has set an ambitious target of achieving $2 trillion in goods and services exports by 2030.
The outcome of the upcoming BoT meeting is expected to shape India’s policy response at a time when global trade challenges are intensifying.