Goyal eyes $1 trillion exports in FY27 as June-quarter growth hits 15%

Commerce and industry minister Piyush Goyal on Friday said India's exports grew 15% year-on-year in the first quarter of fiscal year 2027 (FY27), expressing confidence that the country would cross the $1 trillion exports milestone this fiscal year.

Speaking at the Board of Trade meeting in New Delhi, Goyal said achieving the target would require 17% growth in merchandise exports and 11% growth in services exports this year, while urging Indian businesses to expand beyond the domestic market.

"Come out of the cosy comfort of the domestic market," the minister said, asking exporters to strengthen their footprint in international markets.

India's total exports reached $863 billion in FY26, including $442 billion in merchandise exports and $421 billion in services exports.

According to Goyal, the Centre is prepared to assist exporters in establishing overseas warehousing infrastructure and entering new global markets.

He said states attending the meeting had committed to working towards the export goal and asked states to accord greater priority to exports and strengthen manufacturing. The Centre is ready to bear the full cost of setting up testing facilities in states to help exporters comply with international quality standards, he added.

The minister said the Directorate General of Trade Remedies (DGTR) would continue supporting domestic industries facing unfair imports and predatory pricing, while also calling for greater focus on import substitution to strengthen supply chains.

Highlighting India's expanding trade network, Goyal said the India-UK free trade agreement will come into force on 15 July, opening access to a market that imports nearly $900 billion worth of goods annually—more than twice India's current merchandise exports.

He further said that free trade agreements concluded by India in recent years now cover nearly two-thirds of the global economy. Trade agreements with Mauritius, the UAE, Australia and the European Free Trade Association (Efta) are already in force, while those with the US, the European Union, Oman and New Zealand are expected to become operational over the next 12 months.

To support exporters, particularly smaller businesses, the government will also train 1,000 export facilitators, who will be deployed across states and districts.

"Our export promotion mission will help you set up branding overseas," he said, adding that success in export markets would require improvements in quality, skills and international engagement.