A good news has emerged for the country’s economy. According to a senior official, a double-digit growth has been recorded in the country’s exports during April-May 2026-27. The Commerce Ministry will release trade figures for the month of May on June 15. The official said that during these two months, there has been double digit growth in exports. In April, exports increased by 13.78 percent to 43.56 billion dollars. This was the highest monthly export in more than four years due to increased demand for petroleum products amid the rise in crude oil prices. However, due to increase in imports, the trade deficit increased to a three-month high of $28.38 billion.
Talk of trade deals will echo across the country
The official also said that the Commerce Ministry will recruit 1,000 people from across the country to spread information about the free trade agreements (FTAs) being finalized by India. The officer said that we need people of different languages. He further said that the paperwork for the recruitment process is going on.
India has implemented FTAs with UAE, Oman, Australia, EFTA group and Mauritius. It has also finalized such agreements with UK, New Zealand and EU. Furthermore, while addressing the media on the India-Oman Free Trade Agreement, Commerce and Industry Minister Piyush Goyal said that the agreement is part of nine free trade agreements finalized by India in the last three and a half years, involving 38 developed countries.
Ongoing talks with these countries
He said these agreements ensure exclusive market access for goods and services from India, which covers about two-thirds of global trade. Goyal said that our target is clear: exports of one trillion dollars in the current year and exports of two trillion dollars after five years from now. In this direction, we are further negotiating free trade agreements with Israel, Canada and the GCC group of six countries.
He informed that India will soon start negotiating a trade agreement with the South Africa-led SACU (South African Customs Union). He further said that we have already started talks with the Eurasian Group, Russia and Central Asia. We have also begun negotiations to extend our special trade agreement with Mercosur. We have also received proposals from Mexico and Ecuador showing interest in it.
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