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Piyush Goyal to Meet Exporters Amid West Asia Crisis Impact on Trade

Commerce Minister Piyush Goyal will hold a crucial meeting with export promotion councils on April 27 to address declining exports amid the West Asia crisis. India's merchandise exports fell 7.44% in March to $38.92 billion, with shipments to the Middle East plunging over 50%. The meeting follows the signing of a free trade agreement between India and New Zealand at Bharat Mandapam. For 2025-26, India's exports reached an all-time high of $441.78 billion, but the trade deficit widened to $333.2 billion.

Key Points: Piyush Goyal Exporters Meeting April 27 West Asia Crisis

  • Piyush Goyal to meet export councils on April 27
  • West Asia crisis disrupts trade routes
  • India's March exports fell 7.44% to $38.92 billion
  • Exports to Middle East plunged nearly 58%
  • India-New Zealand FTA signing at Bharat Mandapam
2 min read

Piyush Goyal to meet exporters on April 27 as West Asia crisis weighs on India's shipments

Commerce Minister Piyush Goyal to meet exporters on April 27 as West Asia crisis disrupts trade routes. India's exports fell 7.44% in March, with Middle East shipments plunging 58%.

Piyush Goyal to meet exporters on April 27 as West Asia crisis weighs on India's shipments
"The situation has disrupted trade routes, with shipping companies becoming increasingly reluctant to operate in parts of the Middle East - Industry sources"

New Delhi, April 26

Commerce and Industry Minister Piyush Goyal will hold a crucial meeting with export promotion councils and industry bodies on April 27 to discuss strategies to boost outbound shipments, amid growing concerns over declining exports and geopolitical disruptions.

The meeting comes at a time when Indian exporters are facing headwinds due to the ongoing tensions in West Asia, triggered by the conflict involving the US, Israel and Iran.

Industry sources said the situation has disrupted trade routes, with shipping companies becoming increasingly reluctant to operate in parts of the Middle East, a key destination for Indian exports.

The interaction with exporters will take place shortly after India and New Zealand sign their much-anticipated free trade agreement at Bharat Mandapam.

Todd McClay is already in India along with a business delegation and is also engaging with Indian industry leaders.

Ahead of the formal meeting, Goyal is holding discussions with Indian and New Zealand business leaders in Agra on Sunday, signalling efforts to deepen trade ties and explore new market opportunities.

Representatives from sectors such as leather, pharmaceuticals, auto, sports goods and engineering are expected to participate in Monday's meeting.

The urgency of the discussions is underscored by the recent decline in India's merchandise exports.

Shipments fell 7.44 per cent in March to $38.92 billion, marking the steepest drop in five months, largely due to global trade uncertainty and escalating geopolitical tensions.

Exports to West Asia were particularly hit, contracting by over 50 per cent during the month.

Imports also declined by 6.51 per cent to $59.59 billion in March, driven by lower inbound shipments of crude oil and gold.

As a result, the trade deficit narrowed to a nine-month low of $20.67 billion during the month.

However, the broader trend remains a concern, with India's exports to the Middle East plunging nearly 58 per cent and imports from Gulf nations falling over 51 per cent.

For the full financial year 2025-26, India's merchandise exports recorded a modest growth of 0.93 per cent to reach an all-time high of $441.78 billion.

Imports, however, rose 7.45 per cent to $775 billion, pushing the trade deficit to $333.2 billion, largely due to a surge in gold and silver imports.

On a combined basis, the country's goods and services exports grew 4.22 per cent to touch a record $860.09 billion in 2025-26.

- IANS

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Reader Comments

S
Sarah B
Interesting timing for the New Zealand FTA. While it opens up new markets, we can't ignore the fact that West Asia has been our traditional backyard for exports. The 58% drop in Middle East exports is alarming—hope the government provides insurance or freight subsidies for shipping through safer lanes.
R
Ravi K
I work in the leather export sector and we are struggling. Shipping costs have doubled due to rerouting around the Red Sea. This meeting on April 27 is crucial—we need concrete solutions, not just discussions. Also, the government should look at improving port infrastructure in Gujarat and Kerala to handle alternate routes.
K
Kavya N
Finally some proactive steps! Exporters have been crying for help since the Houthi attacks began. But I'm cautiously optimistic—the meeting includes pharma and engineering sectors which are our bright spots. Let's hope Goyal ji expedites the India-UAE CEPA benefits and also pushes for more South American tie-ups.
J
James A
The bigger picture here is that India needs to reduce its dependency on volatile regions. The trade deficit of $333 billion doesn't look good—too much gold and oil import. We should focus more on value-added exports in electronics and defense. Meanwhile, kudos to the ministry for acting fast on this crisis.
N
Nikhil C
Good that Goyal is engaging but the real issue is that our exporters lack hedging mechanisms against geopolitical risks. We need a national export insurance scheme for crisis situations. Also, why is the meeting happening only now? Exports fell 7.44% in March—this should have been done earlier.

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