India’s Exports Under FTAs Outpace Imports in April-July: Piyush Goyal

In a blog post reviewing trade figures for April through July in the current financial year, the minister said exports to FTA partner countries rose 23.9% to USD 57.2 billion, surpassing the 13.9% increase in exports to non-FTA markets. As a result, FTA partners’ share of India’s overall exports climbed to 32.9% (USD 57.2 billion) from 31.1% (USD 46.2 billion). Over the same period, the trade deficit with FTA partners eased to USD 32.6 billion from USD 34.2 billion.

Exports to Singapore almost doubled, adding roughly USD 4 billion to overall growth, while shipments to Oman increased by USD 0.6 billion after the Comprehensive Economic Partnership Agreement took effect on June 1, 2026. Goyal said exporters are steadily addressing earlier structural hurdles to make better use of these agreements.

"For years, a fair criticism of India’s free trade agreements was that we signed them and then did not use them to their full potential. Our exporters found the rules-of-origin paperwork tedious. Importers, on the other hand, used the agreements enthusiastically. So the deals looked one-sided. This time the pattern is different."

"Preferential access through FTAs provides excellent opportunities for our exporters to expand their global footprint, access new markets, and deepen their presence internationally. Our exporters are steadily leveraging these opportunities to drive greater exports," Goyal stated.

Total merchandise exports for the four-month span amounted to USD 173.8 billion, up 17% from USD 148.5 billion a year earlier. With services exports of USD 145 billion, India’s combined exports were close to USD 319 billion.

Non-FTA markets also posted meaningful gains, with African countries leading. Exports to Tanzania rose by USD 2 billion, South Africa by USD 1.7 billion, and Kenya by USD 1.1 billion.

"African markets are young, growing, and increasingly integrated into global trade. They also have growing demand for exactly the kind of goods India makes well. From pharmaceuticals and engineering products to automobiles, food products, textiles, and technology, Indian companies have enormous opportunities across the continent."

"However, it is important to recognise that four months is a relatively short period, and export performance during this window may reflect some large, one-time shipments that may not be repeated in every quarter," the minister added.

Agricultural exports increased 4.5% to USD 18.18 billion over the period. Basmati rice exports jumped 25.4% to USD 1.05 billion, non-basmati milled rice reached USD 588 million, castor oil totaled USD 423 million, other food preparations touched USD 284 million, shrimp and prawn exports hit USD 226 million, and instant coffee crossed USD 200 million.

Goyal said imports during the period rose to USD 292.3 billion, driven by electronic components worth USD 21.6 billion, computer hardware and peripherals at USD 12 billion, and accumulators and batteries at USD 2.8 billion—reflecting continued growth in domestic manufacturing and demand for industrial inputs.

“The part I find most encouraging is that exporters found these markets themselves, one buyer and one shipment at a time. Our job in government is to keep the paperwork light, keep the credit flowing, keep the ports quick, make the agreements usable, open more doors, and then get out of the way of people who understand their business,” Goyal said.

He said April-July 2026 has been a strong period for Indian exporters. “It is a signal that we are moving in the right direction.”