India’s merchandise exports recorded robust growth of nearly 15% during the first two-and-a-half months of the current financial year, demonstrating resilience despite ongoing geopolitical tensions in West Asia and uncertainty in global trade.
Speaking at an interaction with chartered accountants in Mumbai, Commerce and Industry Minister Piyush Goyal said exports rose around 15% during April, May and the first 14 days of June, maintaining the strong momentum seen at the start of the fiscal year.
The growth has been supported by higher shipments of petroleum products, aided by elevated crude oil prices. Goyal expressed confidence that export performance would remain strong in the coming months, driven by a series of trade agreements being concluded by India.
Highlighting the benefits of the recently signed India-UK trade pact, he said the agreement will become operational from July 15, providing Indian exporters with significantly improved market access. He added that negotiations for a trade agreement with the European Union are progressing and could be concluded by December, with implementation expected by February or March next year.
The minister also noted that the trade agreement between India and the European Free Trade Association—comprising Switzerland, Norway, Iceland and Liechtenstein—has already been in effect since October, creating new opportunities for Indian businesses.
Attention is now focused on the proposed India-US trade deal. Goyal said discussions are continuing, with US Trade Representative Jamieson Greer scheduled to visit New Delhi for talks aimed at advancing negotiations.
The discussions come ahead of the expiry next month of the additional 10% tariffs imposed by the administration of Donald Trump. A bilateral agreement is expected to help address tariff-related issues and shape future trade arrangements between the two countries.
Goyal also revealed that during recent discussions between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney, Canada expressed interest in concluding a bilateral trade agreement with India within this year.
In addition, Kenya has indicated its willingness to pursue a free trade agreement with India, while the government is preparing to launch negotiations with the Southern African Customs Union, potentially marking India’s first trade pact with an African regional bloc.
Since opting out of the Regional Comprehensive Economic Partnership (RCEP), India has accelerated its strategy of securing bilateral and regional trade agreements, particularly with developed economies, to expand export opportunities and strengthen its position in global supply chains.
