Overall Exports to Touch $1 Trillion This Fiscal: FIEO
“We are aiming at an export of $1 trillion by the end of the current fiscal with merchandise exports growing by 12 per cent to $ 525-535 billion and services exports to grow by 20 per cent to $465 -475 billion,” S C Ralhan, President, FIEO.
Chennai: Despite the challenging global trade environment, India’s goods and services exports are expected to touch $1 trillion in FY26, according to the estimates by the apex body of exporters.
“We are aiming at an export of $1 trillion by the end of the current fiscal with merchandise exports growing by 12 per cent to $ 525-535 billion and services exports to grow by 20 per cent to $465 -475 billion,” S C Ralhan, President, FIEO.
In FY25, total exports had reached a record $824.9 billion, marking a 6.01 per cent increase from the previous year's $778.1 billion. This growth was propelled by services exports that surged 13.6 per cent to $387.5 billion, driven by strong performances in IT, business, financial, and travel-related services. Merchandise exports reached $437.4 billion, with non-petroleum goods exports hitting a record $374.1 billion, up 6 per cent from the previous year.
According to FIEO, expanding into emerging markets and strengthening trade relations with existing partners can mitigate risks associated with over-reliance on specific regions.
Shifting focus from raw materials to value-added products can increase export earnings and reduce vulnerability to price fluctuations in global commodity markets.
Further, negotiating and implementing Free Trade Agreements (FTAs) with key partners can facilitate easier market access and reduce trade barriers. Investing in quality infrastructure, reducing logistics costs, and ensuring compliance with international standards will improve the competitiveness of Indian exports.
Providing SMEs with access to finance, and market information will enable them to participate more effectively in international trade and leveraging digital platforms for marketing, sales, and customer engagement can open new avenues for exports, particularly in services sectors.
By implementing these strategies, India can enhance its export performance, contributing to economic growth and positioning itself as a formidable player in global trade, finds FIEO.