New Delhi, April 26 (IANS). Commerce and Industry Minister Piyush Goyal will hold an important meeting with export promotion councils and industry bodies on Monday to discuss strategies to boost exports amid growing concerns over declining exports and geopolitical disruptions.
This meeting is taking place at a time when Indian exporters have faced difficulties in exporting their goods due to tension in West Asia.
Industry sources say that due to the Iran-America war, the situation in the Middle East remains tense and shipping companies are retreating from operating in this region. The region is a major destination for Indian exporters.
The interaction with exporters will take place immediately after the signing of the proposed Free Trade Agreement (FTA) between India and New Zealand at the Bharat Mandapam.
Todd McClay is already in India with a trade delegation and is talking to Indian industry leaders.
Ahead of the formal meeting, Goyal is holding discussions with Indian and New Zealand business leaders in Agra on Sunday, a sign of efforts to deepen trade ties and explore new market opportunities.
Representatives from sectors like leather, pharmaceuticals, automobile, sporting goods and engineering are expected to participate in Monday’s meeting.
Exports fell 7.44 per cent to $38.92 billion in March, the biggest decline in the last five months, due to global trade uncertainty and rising geopolitical tensions.
Exports to West Asia were particularly affected, falling by more than 50 percent this month.
Due to decrease in the arrival of crude oil and gold, imports also fell by 6.51 percent to $ 59.59 billion in March.
As a result, the trade deficit declined to a nine-month low of $20.67 billion.
However, the broader trend remains a matter of concern, as India’s exports to the Middle East have fallen by nearly 58 per cent and imports from the Gulf countries by more than 51 per cent.
For the full financial year 2025-26, India’s merchandise exports recorded a marginal growth of 0.93 per cent and reached an all-time high of $441.78 billion.
However, imports increased by 7.45 percent to $775 billion, widening the trade deficit to $333.2 billion. The main reason for this was the huge surge in imports of gold and silver.
Overall, the country’s exports of goods and services grew by 4.22 per cent to reach a record $860.09 billion in 2025-26.
–IANS
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