India's Exports Hit Record USD 863 Billion Despite Global Turmoil: Piyush Goyal

Speaking to reporters during his visit to the Mega Common Facility Centre (CFC) at SEEPZ in Mumbai, Goyal said India's exports continued to grow even as several economies faced pressure from wars, tariffs and slowing trade flows.

"This year's export has been announced in Delhi -- 863 billion dollars, record export," Goyal said. "In the whole world, export is decreasing, international trade is badly affected because of the prevailing situation, but it is increasing in India."

The minister said the government is targeting USD 2 trillion exports by 2030 and is modernising export infrastructure and expanding market access through free trade agreements (FTAs) to support that goal.

"As it increases to 2 trillion dollars, our processes will improve," he said.

Goyal said India's exports remained resilient despite global challenges, including tariff actions by the United States and the ongoing West Asia crisis.

"America had 50% tariff... but we immediately looked for alternate markets. We immediately got cracking on new free trade agreements to open new markets," he said, referring to the US tariff measures.

According to the minister, India has signed nine FTAs in the past three-and-a-half years, covering 38 developed countries.

"All of these collectively give us an opening on a preferential basis to two-thirds of global trade," he said.

On the proposed India-US trade agreement, Goyal said negotiations are progressing steadily, and most issues have already been resolved.

"It's a very significant deal. We are in continuous dialogue with them. We have already settled most of the major terms," he said.

He added that the agreement is expected to address the US Section 301 investigation against India while also expanding bilateral trade opportunities.

"We are looking at a holistic solution which will sort out the 301 investigations. It will sort out the opening of newer opportunities for export and import on both sides and will ultimately give India preferential access to the US market," Goyal said.

The minister also said the government had increased import duties recently as a precautionary step to conserve foreign exchange reserves amid global uncertainty.

"We have increased the import duties because we believe that we must conserve foreign resources at this point in time," he said.

Even so, he stressed that India's external position remains comfortable.

"We have 700 billion dollars, which is enough to cover 11 months of imports. The IMF says anything above 8 months is very good," he said.

The minister further said Prime Minister Narendra Modi's ongoing diplomatic outreach, including the UAE and Nordic visits, is aimed at strengthening India's energy security, trade and investment partnerships.

"He has entered into very massive agreements to create a strategic petroleum reserve in India for increasing the LPG supplies to India," Goyal said.

He also linked India's improving global standing to higher remittance inflows and stronger economic engagement abroad.

"Today our world has the highest remittances -- 135 billion dollars," he said.

- ANI