India Merchandise Exports Rise 15% in FY27, Says Piyush Goyal

India’s goods shipments have grown in double digits so far in the current financial year, Commerce Minister Piyush Goyal said on Wednesday. Speaking at Assocham’s annual JRD Tata Memorial Lecture in New Delhi, he linked the momentum to exporter confidence and trade agreements coming into force.

Goyal said merchandise exports had risen 15% so far in FY27. India’s goods exports stood at $148.58 billion in April-July last year, placing this year’s shipments above $170 billion if the 15% increase is applied to that base.

What Goyal Said About Exporter Sentiment

Goyal said he had met export promotion councils earlier in the day and described their confidence as infectious, adding that they were very, very charged. The statement matters because goods exports are a key gauge of external demand for Indian manufacturers, commodity exporters, and trade-linked sectors.

Two FTAs Already Active, EU Agreement Close to Completion

The Commerce Minister said he expects the growth momentum to continue as free trade agreements begin to take effect. FTAs lower duties, ease market access, and create clearer trade rules between partner economies.

India has already activated two agreements during the current year:

• The India-Oman FTA
• The India-UK FTA

Goyal also said the legal scrubbing of India’s trade agreement with the European Union is close to completion. He expects the India-EU deal to come into effect in the first quarter of 2027.

India-US Bilateral Trade Agreement: What Has Been Finalised So Far?

On the proposed India-US Bilateral Trade Agreement, Goyal said the first tranche had been finalised after it was announced by the two countries’ leaders in February. He said it would come into operation once the US ensures India gets a comparative advantage over competitors, including countries in India’s neighbourhood and the ASEAN region.

US Senate Bill Could Impose 100% Tariffs on Countries Buying Russian Oil

Trade talks are continuing while fresh tariff-related risks remain under discussion. The US Senate has voted to advance a bipartisan bill that could authorise President Donald Trump to impose duties of up to 100% on countries buying Russian oil, including India.

Asked about New Delhi’s assessment of the bill, Goyal said, “We don’t speculate.” The legislative process in the US Senate has not yet been completed.

What Do the Two US Section 301 Investigations Mean for Indian Exports?

The Office of the US Trade Representative has initiated two investigations against India under Section 301 of the US Trade Act of 1974.

• One investigation, linked to forced labour imports, has concluded and resulted in a 10% duty on Indian goods last week, just as an existing baseline tariff of 10% lapsed
• A second investigation, related to excess capacity, is still under discussion

Goyal said India had participated in the USTR process and added that as long as India has a comparative advantage, it would grow shipments and leverage the large US market.

Key Dates & Triggers

Final Outlook

The 15% rise in merchandise exports gives the government a stronger trade backdrop as it pursues agreements with major partners. The next key triggers will be the legal completion of the India-EU agreement, the timing of the first India-US BTA tranche coming into effect, and how pending US Section 301 tariff actions evolve in the months ahead.