India's merchandise exports rose 15% year-on-year in the first quarter of fiscal 2026-27, despite facing US tariff impositions, according to Commerce Minister Piyush Goyal. The minister disclosed the figures during an interaction with chartered accountants in Mumbai, citing data available until June 14. Meanwhile, crucial trade talks with the US are set to commence this week, with US Trade Representative Jamieson Greer arriving in Delhi for two-day discussions starting June 23.
Export Performance Data
Goyal said that despite 50% tariffs imposed by the US, India's exports in 2025-26 recorded healthy growth. "Even now, if we see April, May and 14 days of June. I have data until June 14; it (exports growth) is 15%," he stated. Key monthly and cumulative figures are as follows:
| Period | Exports (USD bn) | YoY Growth | Imports (USD bn) | Trade Deficit (USD bn) |
|---|---|---|---|---|
| May 2026 | 45.2 | 18% | – | 28.21 |
| April-May 2026 | 88.91 | 16.09% | 145.35 | 56.44 |
The commerce ministry will formally release trade data for June on July 15.
Trade Talks with the US
Goyal confirmed that Greer will hold two-day talks from June 23-24 in Delhi on the first phase of the bilateral trade agreement. "For the US trade deal talks, tomorrow my counterpart is coming to Delhi," Goyal said. Chief negotiator-level discussions on the pact were previously held on June 2-4 in Delhi.
These talks occur against the backdrop of Greer proposing an additional 12.5% duty on 54 countries, including India, over alleged failure to restrict imports of goods produced with forced labour in third countries. Greer has also proposed new tariffs on most Indian goods under Section 301 of the US Trade Act of 1974 over forced labour and is starting another probe on excess industrial capacity.
Minister's Remarks and Outlook
Goyal urged chartered accountants to contribute to the goal of 'Viksit Bharat' (developed India). The positive export trend, he indicated, demonstrates resilience despite global headwinds and tariff pressures.
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