New Delhi, April 26 (IANS) 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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