New Delhi, April 26: Commerce and Industry Minister Piyush Goyal will hold a crucial meeting on Monday with export promotion councils and industry bodies. The agenda will focus on strategies to boost exports amid growing concerns over declining export figures and geopolitical disruptions.
This meeting comes at a time when Indian exporters are facing challenges in shipping their goods due to rising tensions in West Asia.
Industry sources indicate that the situation in the Middle East remains tense due to the Iran-U.S. conflict, leading shipping companies to withdraw from operations in the region. This area is a significant destination for Indian exporters.
The discussions with exporters will occur shortly after the signing of a proposed Free Trade Agreement (FTA) between India and New Zealand at the Bharat Mandapam.
Todd McClay is already in India with a business delegation, engaging with leaders from the Indian industry.
Before the formal meeting, Goyal will be in Agra on Sunday, where he will discuss matters with Indian and New Zealand business leaders, signaling efforts to deepen trade relations and explore new market opportunities.
Representatives from sectors such as leather, pharmaceuticals, automobiles, sports goods, and engineering are expected to participate in Monday’s meeting.
Due to global trade uncertainties and escalating geopolitical tensions, exports fell by 7.44 percent in March, totaling $38.92 billion, marking the largest decline in the past five months.
Exports to West Asia were particularly affected, plummeting by over 50 percent this month.
Imports also dropped by 6.51 percent in March, reaching $59.59 billion, primarily due to a decrease in crude oil and gold inflows.
As a result, the trade deficit narrowed to a nine-month low of $20.67 billion.
However, the broader trends remain concerning, as India’s exports to the Middle East have decreased by almost 58 percent, and imports from Gulf countries have fallen by over 51 percent.
For the entire fiscal year 2025-26, India’s merchandise exports recorded a modest increase of 0.93 percent, reaching an all-time high of $441.78 billion.
Conversely, imports rose by 7.45 percent to $775 billion, leading to an increased trade deficit of $333.2 billion, largely due to a surge in gold and silver imports.
Overall, the country’s goods and services exports grew by 4.22 percent, reaching a record $860.09 billion in 2025-26.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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