Indian goods and services exports to cross $800 bn in FY25 despite geo-political issues : Piyush Goyal

NEW DELHI : Union Commerce & Industry Minister Shri Piyush Goyal has said that, the Red Sea crisis increased freight costs and hit India’s exports to Africa, the EU, and Latin America but despite the geo-political situation exports of goods and services are expected to cross $800 billion this fiscal.

“I estimate that we will cross $800 billion in exports, another record given the world situation,” he told media persons on Friday. Last fiscal, exports were estimated at $ 778 billion. He added that India’s share in services continued to grow rapidly.

On the Red Sea crisis and its effects on Indian exports, the Minister said, “ The Red Sea crisis has had an impact on shipping cost because of which possibly our exports to Europe, to America, to Latin America and also African countries, which are very price sensitive,  a lot of that growth has got affected,” he said.

Responding to a question about the new US administration under President-elect Donald Trump, the Minister said that India was looking forward to a deep and substantive engagement with the new US administration and wanted to strengthen its economic relations.

Goyal pointed out that India had an ongoing and constructive engagement with the US and had productive collaborations with the Democrats and the Republicans including the Obama, Trump, and Biden administrations.

“Each of our engagements through the years has only gotten better and better,” Goyal said, adding that India was looking forward to working with the Trump administration again.