In a positive development for India’s external trade outlook, Union Commerce and Industry Minister Piyush Goyal announced that the country’s exports have bounced back into the growth zone in November, reversing the sharp decline recorded last month. Speaking after chairing a meeting of the Board of Trade, Goyal said provisional data up to 21 November indicates that shipments have moved into positive territory, showing encouraging momentum across several key sectors.

According to the minister, sectors such as seafood have registered robust performance, contributing to the improvement in overall export figures. He noted that “quick estimates” suggest that merchandise exports are on an upward trajectory compared to the same period last year.

The rebound follows a difficult October, when exports contracted by 11.8%, falling to USD 34.38 billion, a decline largely attributed to higher tariffs imposed by the United States. The country’s trade deficit had also widened to a record USD 41.68 billion, driven primarily by a surge in gold imports.

Despite global uncertainties, India’s foreign trade performance in the first seven months of the fiscal year has shown mixed trends. Between April and October, exports registered marginal growth of 0.63%, touching USD 254.25 billion, while imports increased by 6.37%, totaling USD 451.08 billion.

Goyal also highlighted ongoing efforts to strengthen India’s Special Economic Zones (SEZs). He said that intensive interministerial consultations are underway to enhance the competitiveness of SEZ-based units. The minister added that the surplus manufacturing capacity within SEZs can play a crucial role in cutting down imports from countries like China and ASEAN members, thereby improving the overall trade balance.

The government is expected to unveil additional measures aimed at boosting export competitiveness as global demand conditions gradually stabilize.

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