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Informist, Thursday, Jul. 2, 2026

 

--Minister Goyal: Exports in Apr-Jun likely to be 15% higher than year ago 
--CONTEXT:Trade minister Goyal speaking at NDTV Indo-Japan Strategic Dialogue 
--Minister Goyal: There was no stress during trade negotiations with US 
 

NEW DELHI – India's exports are likely to rise 15% year-on-year in Apr-Jun owing to an improvement in the situation in West Asia, Commerce Minister Piyush Goyal said. "Ever since we have seen some improvement in the West Asia situation...we have seen our exports galloping," he said at the NDTV Indo-Japan Strategic Dialogue Thursday. "So, our 1st quarter (Apr-Jun) exports will be probably 15% growth over the first quarter last year."

 

India's merchandise trade deficit rose over 25% on year to $28.21 billion in May due to higher imports. Goods exports rose 18% on year to an all-time high $45.20 billion in May, while imports jumped 20.6% to $73.41 billion. 

 

The trade minister said that the much-awaited trade deal with the US would be fair and equitable and would give India preferential access to US markets. He also reiterated that India would only enter into a trade agreement with the US if it secured competitive advantage in the deal. "Both negotiating teams have had a very good working relationship. I don't think there was any stress at any point of time," he added. 

 

The minister further said that one shouldn't read too much into the US dropping the reference to India from the name of its unified military command for the Pacific Ocean region, which has gone from being called the Indo-Pacific Command to Pacific Command. "I think we're reading too much into that. What is important is the fact that whether it is the United States, Japan, or India... we all believe in a free and open Indo-Pacific, he said. "We are all concerned that this region should continue to see stability... to be peaceful... and provide opportunity for all countries in this region," he added. 

 

Goyal that India's free trade agreement with the UK, which will come into effect on Jul. 15, will be comprehensive and open huge opportunities for Indian businesses in the UK. The Comprehensive Economic and Trade Agreement will come into force nearly a year after it was signed. The implementation of the agreement was delayed because of the UK's curbs on steel imports.

 

Talking about Japan Prime Minister Sanae Takaichi's three-day visit to India as New Delhi hosts the 16th India-Japan Summit, Goyal said India values its trade partnership with Japan and looks forward to taking it to the next level, adding that Japan's engagement with India has largely focused on investments. 

Talking about the issue of El-Nino in India, Goyal said he is hopeful that July will be better. "Government is conscious about the situation. We'll have to plan for difficult times," he said. The India Meteorological Department has said that rainfall during the southwest monsoon season in India is likely to be below normal due to the development of the El Nino weather phenomenon.  End

 

US$1 = INR 95.18

 

Reported by Pratiksha and Sagar Sen

Edited by Avishek Dutta

 

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