Piyush Goyal Highlights 15% Export Growth, Sets Sights on US$ 1 Trillion

India’s exports recorded growth of around 15% during the first four months of FY2026-27, strengthening the government’s confidence in achieving its ambitious US$ 1 trillion export target for the full financial year.

Commerce and Industry Minister Piyush Goyal announced the latest export performance while addressing the ‘Bharatiya Vyapar Mahotsav 2026’ in New Delhi on August 12. He said India’s exports had reached a record US$ 863 billion in FY2025-26, comprising US$ 442 billion in merchandise exports and US$ 421 billion in services exports.

Goyal acknowledged that moving from US$ 863 billion to US$ 1 trillion would require a significant increase in export activity, particularly at a time when geopolitical tensions and uncertainty continue to affect global trade. However, he said the 15% growth recorded during April-July demonstrated the growing strength of Indian businesses in international markets.

During April-June, India’s exports had already increased 15.92% to US$ 129.32 billion, while imports rose 19.89% to US$ 216.18 billion. Final export and import figures for July were scheduled to be released on August 13.

FTAs Open New Market Opportunities

Goyal also highlighted India’s expanding network of free trade agreements (FTAs). According to the minister, nine trade agreements concluded over the past four

years have created significant opportunities for Indian businesses and provide preferential access to markets accounting for a substantial share of global trade.

For export-oriented sectors such as leather, footwear, textiles, engineering goods and other manufacturing industries, improved market access can support efforts to expand international sales and strengthen India's position in global supply chains.

Goyal stressed that the benefits of trade agreements would depend on wider participation from Indian manufacturers, MSMEs, farmers, service providers and other parts of the domestic economy.

Focus on Quality, Sustainability and Global Brands

The minister also called on Indian businesses to move beyond simply promoting the “Made in India” identity. He emphasized the importance of building global confidence in Indian products through better quality, design, manufacturing standards and internationally recognized brands.

He further urged companies to adopt digital technologies and strengthen fair-trade practices while giving greater attention to sustainability, recycling, reuse and circular-economy practices.

For India’s leather and footwear industry, these priorities underline the need to improve product quality, design capabilities, manufacturing efficiency and sustainability while expanding access to international markets.

With exports already showing strong growth in the opening months of FY2026-27, the government now faces the challenge of maintaining this momentum through the remainder of the year to reach the US$ 1 trillion milestone.