Commerce and Industry Minister Piyush Goyal has set a target of $1 trillion in goods and services exports for the current fiscal year, up from about $863 billion last year. The India export target comes as merchandise exports have risen more than 15% in the first half of FY27, despite wars and Strait of Hormuz disruptions.
Goyal made the remarks on September 28, 2026, while speaking on India-UAE economic ties, according to Business Standard. Official data show April-August merchandise exports up 17.85% year-on-year to $215.91 billion, with imports up 18.21% to $363 billion.
Is the $1 Trillion Export Target Achievable?
Reaching $1 trillion from $863 billion requires roughly 16% growth in total exports. Merchandise exports are growing at about that pace so far, but imports are rising faster, and the trade deficit is widening. Final April-September figures are due in mid-October.
What Is the UAE Connection?
Goyal said India-UAE bilateral trade has roughly doubled to about $100 billion under the Comprehensive Economic Partnership Agreement, with a target of $200 billion by 2032. The UAE has invested about $25 billion in India and has signalled another $25 billion, with a long-term ambition of $100 billion. The UAE is India’s seventh-largest source of foreign direct investment.
Which Sectors Are in Focus?
Cooperation areas named include space technology, shipbuilding and maritime services, food security, energy security covering petroleum reserves, LNG, LPG and subsea pipelines, fintech and UPI expansion, and AI and cybersecurity. Goyal also highlighted the One District One Cuisine initiative for food and marine products.
Market and Trade Reaction
Exporters welcome the momentum but flag higher energy and freight costs and the weak rupee, which is near ₹96 to the dollar. DGFT has simultaneously urged associations to raise FTA utilisation so that the target is backed by actual shipments.
What Happens Next?
Watch the mid-October release of April-September trade data, the New Zealand agreement coming into force and progress on the Export Promotion Mission. Developments in West Asia will shape freight and energy costs for exporters.
Frequently Asked Questions
What is India’s export target for FY27?
Piyush Goyal has set a target of $1 trillion in goods and services exports for the current fiscal year, compared with about $863 billion last year.
How fast are India’s exports growing?
Merchandise exports rose more than 15% through September 21, and April-August exports rose 17.85% to $215.91 billion.
How big is India-UAE trade?
Bilateral trade is about $100 billion under the CEPA, with a goal of $200 billion by 2032.
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