India's merchandise exports have staged a remarkable recovery this November, moving into positive territory after experiencing a significant contraction in October, according to Commerce and Industry Minister Piyush Goyal.
Export Recovery Confirmed
Commerce and Industry Minister Piyush Goyal announced on Thursday that the country's export performance has shown a clear uptick based on quick estimates available until November 21. The minister revealed this positive development after chairing a meeting of the Board of Trade, indicating that the export sector is demonstrating resilience despite global challenges.
"Exports are in positive territory," Goyal told reporters, emphasizing that specific sectors such as seafood have recorded particularly healthy growth during this period. The minister expressed confidence in the steady improvement of India's export trajectory, noting that several sectors are showing significant expansion compared to the same period last year.
October Slump and Trade Deficit Concerns
The recovery comes as a welcome relief after India's exports contracted by 11.8% to USD 34.38 billion in October, primarily impacted by higher tariffs imposed by the United States. This decline contributed to the widening of the trade deficit, which reached a record USD 41.68 billion, driven mainly by a substantial surge in gold imports.
For the April-October period of FY26, the export figures show a marginal increase of 0.63% to USD 254.25 billion, while imports during the same period rose by 6.37% to USD 451.08 billion. These numbers highlight the challenging trade environment that Indian exporters have been navigating in recent months.
SEZ Reforms and Import Reduction Strategy
Addressing the status of Special Economic Zones (SEZs), Minister Goyal disclosed that inter-ministerial discussions are progressing actively to enhance the competitiveness of units operating within these zones. The government is focusing on strategic measures to optimize the performance of SEZs, which play a crucial role in India's export ecosystem.
Goyal highlighted an important opportunity presented by the surplus capacity available in SEZs, suggesting that this could be effectively leveraged to reduce imports from countries including China and ASEAN nations. This approach aligns with the government's broader objective of strengthening domestic manufacturing capabilities and reducing dependency on foreign suppliers.
The minister's positive assessment of the export recovery signals encouraging momentum for India's trade sector as the country continues to navigate global economic uncertainties and work toward sustainable growth in international trade.
