In a bold move to counter export headwinds, Minister Piyush Goyal will convene export councils and industry associations on Monday, April 27. The focus: crafting robust plans to offset declines triggered by West Asian volatility and geopolitical rifts.
Shippers are steering clear of tense Middle East waters amid Iran-America standoffs, strangling India’s vital trade lanes. This key destination has seen exports crater by more than 50% in recent weeks, exacerbating a tough March where shipments fell 7.44% to $38.92 billion.
Imports contracted too, by 6.51% to $59.59 billion, trimming the trade gap to $20.67 billion—its lowest in nine months. But alarm bells are ringing over steeper drops: 58% less to the Middle East and over 51% fewer imports from Gulf states.
Fiscal 2025-26 offered mixed signals. Merchandise exports hit an all-time high of $441.78 billion, up a modest 0.93%, while imports ballooned 7.45% to $775 billion on gold and silver rushes, widening the deficit to $333.2 billion. Goods and services exports, however, soared 4.22% to $860.09 billion.
Timing couldn’t be better with India-New Zealand FTA negotiations heating up. Trade Minister Todd McClay is in town, holding parleys, as Goyal hosted bilateral business talks in Agra yesterday. Sectors like pharma, auto, leather, sports gear, and engineering will dominate Monday’s agenda.
As world trade frays under uncertainty, this gathering signals India’s proactive stance. Exporters hope for targeted incentives and diversification drives to navigate the choppy waters ahead and reclaim momentum.
