India’s exports bounce back in November after October slump
NEW DELHI : India’s exports rebounded sharply in November after plunging 12 percent in October, Commerce and Industry Minister Shri Piyush Goyal said on Thursday citing provisional data.
“As per quick estimates, the country’s merchandise exports continue to be on an upward trajectory till November 21 as compared to the same period last year. Services sector is also showing significant growth and collectively exports are in upward trajectory,” he told reporters after chairing the Board of Trade meeting in New Delhi.
The Board of Trade, reconstituted in 2019, serves as an apex advisory body on policy measures related to the Foreign Trade Policy.
The setback in October — when monthly exports slipped to $34.38 billion — was linked largely to tariff measures imposed by the United States, which weighed on multiple product categories.
The Board of Trade, reconstituted in 2019, serves as an apex advisory body on policy measures related to the Foreign Trade Policy.
The setback in October — when monthly exports slipped to $34.38 billion — was linked largely to tariff measures imposed by the United States, which weighed on multiple product categories.
At the same time, trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.
During April-October this fiscal year, exports increased marginally by 0.63 percent to $254.25 billion, and imports rose 6.37 percent to $451.08 billion.
Seafood Exports Surge
He said sectors like seafood have recorded healthy growth. “Seafood was a sector which we thought would take a hit due to US tariffs and the trade agreement not being completed yet. But thanks to the trade off between Quality Control Orders (QCOs) that the European Union (EU) desired and the listing of 102 establishments which we succeeded in getting after nine years of efforts, our seafood exports have dramatically increased to the EU in the last three months,” Goyal said.
From April to October, last year our seafood export was $4.21 billion, while this year it is already $4.82 billion during the same period, he added.
Making SEZs Competitive
On special economic zones (SEZs), he said inter-ministerial discussions are “going on very actively” to make the units in these zones competitive. Surplus capacity in SEZs can be used to reduce imports from countries such as China and ASEAN, Goyal said.
Moneycontrol on November 15 reported that government panel — comprising officials from the ministries of commerce and finance, NITI Aayog and key exporter bodies — is drawing up new norms to strengthen SEZs by improving their linkages with the domestic market and making them more resilient to global fluctuations.
Export promotion mission
The Union minister said the recently approved Rs 25,060 crore export promotion mission would incorporate targeted schemes to help landlocked states enhance their competitiveness in the export sector. He also called for a strong centre-state partnership to boost export growth.
Directorate General of Foreign Trade (DGFT) chief Ajay Bhadoo said the first set of guidelines for the mission will be rolled out from next week and the ministry intends to complete the process by January 15, 2026. “The first set of guidelines will be on market access initiative and interest equalisation, which will come next week,” he said
States Seek Support
At the Board of Trade meeting, Goyal said several states put forward suggestions to smoothen export processes. These included setting up more testing laboratories for fisheries and marine products to improve compliance and shorten export timelines.
States also recommended that the Centre consider adding more product categories under the RBI’s moratorium framework to ease financial pressure on exporters.
The minister added that the Directorate General of Trade Remedies (DGTR) will provide legal support to MSMEs facing trade disputes, while concerns over high internal logistics costs were also raised, with the government committing to work on reducing these bottlenecks.
Source : Moneycontrol