India has set a target of $1 trillion in combined goods and services exports for the 2026-27 fiscal year, supported by an anticipated 15% growth rate. In the first half of the year, combined exports reached an estimated $476.2 billion, propelled by double-digit expansion in both goods and services. However, rising merchandise imports of $437.53 billion during the April-September period broadened the merchandise trade deficit to $177.64 billion. Minister Piyush Goyal called on state leaders in Telangana to harness these global partnerships by targeting 50 key products and pivoting toward high-tech sectors.
Key points
Preferential access from nine finalized trade deals connects domestic manufacturers to gl…: Preferential access from nine finalized trade deals connects domestic manufacturers to global markets with a combined GDP of $60 trillion.
Faster import growth pushed the national merchandise trade deficit to $177.64 billion des…: Faster import growth pushed the national merchandise trade deficit to $177.64 billion despite strong export gains.
Regional economies are being urged to scale exports in high-value domains such as pharmac…: Regional economies are being urged to scale exports in high-value domains such as pharmaceuticals, artificial intelligence, and defence.
Sources checked by our analysis pipeline: 1
"We will do, we can do," Goyal said, underlining the government's ambition to drive export growth by around 15% this fiscal.
Speaking at the curtain raiser of the Invest Telangana Global Summit, the minister said India's exports of goods and services had reached an all-time high of $863 billion in 2025-26. Building on that performance, the government has set a challenging target of taking combined exports to $1 trillion in 2026-27.
"There is tremendous volatility, uncertainty and huge challenges confront all of us and across the world. It is in these testing times that India shines out," he said.
Goyal also said the nine free trade agreements (FTAs) finalised by India over the past five years would give domestic exporters preferential access to markets across economies with a combined gross domestic product of $60 trillion.
Nine FTAs open up markets worth $60 trillion
The minister urged Telangana to leverage the trade agreements to expand its export footprint, suggesting that the state identify 50 leading products and services that could benefit from preferential market access under the FTAs.He also called for…
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