India Reports Export Recovery in November Following October Decline: Commerce Minister Goyal Reveals Trade Resilience

New Delhi:

Commerce and Industry Minister Piyush Goyal announced on Wednesday that India's exports have shown healthy growth in November, following a 12 percent decline in October.

While specific figures were not disclosed, the official export and import data for November will be released by the commerce ministry on December 15.

"Merchandise exports are performing strongly despite global challenges. Although October saw a decrease, November has experienced a greater increase than October's decline. Combining both months shows positive growth in merchandise exports despite international economic turbulence," Goyal stated during a press briefing.

The minister highlighted that India is actively pursuing deeper integration with global trading partners. "In the coming days and months, you will hear much more about our successful engagements with many trading countries," he added.

Currently, India is engaged in negotiations for several free trade agreements (FTAs) with various nations and regions, including the United States, European Union, New Zealand, Oman, Chile, and Peru.

When questioned about the rupee's value against the US dollar, Goyal emphasized the continued strength of the Indian economy. "We've achieved 8.2 percent growth in Q2, exceeding all forecasts. Recent months have seen the lowest-ever inflation rates, while foreign exchange reserves remain robust. Capital inflows, infrastructure investments, consumer spending, and all economic indicators have demonstrated significant positivity," he remarked.

On Wednesday, the rupee hit a historic low of 90.15 against the US dollar, raising inflation concerns.

India's exports contracted by 11.8 percent to USD 34.38 billion in October, attributed to high US tariffs, while the trade deficit widened to a record USD 41.68 billion, primarily due to increased gold imports.

For the April-October period of the current fiscal year, exports showed a marginal increase of 0.63 percent to USD 254.25 billion, while imports grew by 6.37 percent to USD 451.08 billion.