India on track to hit $1 trillion export target, says Goyal

Union Commerce and Industry Minister Piyush Goyal said on Tuesday (10 November) that India is well on track to achieve its $1 trillion export target for the current financial year (FY2026-27). Addressing the curtain-raiser for Bharat Mobility Global Expo 2027, Goyal said exports reached around $480 billion in the first six months, calling the target ‘sacrosanct’. October export figures are due on 15 November.

Combined merchandise and services exports stood at $476.20 billion during April-September, a 13.84 per cent rise over the same period last year, according to the Ministry of Commerce and Industry. Goyal noted that the 27-nation European Union market could become accessible at zero duty by March or April, while negotiations with seven or eight other countries are underway. He said European carmakers are looking at India as a potential manufacturing base, and Japanese companies are exploring billion-dollar partnerships.

Update, 10 November 2026: News On AIR now also reports Goyal's statement that India is well on track to achieve the $1 trillion export target. It adds that Goyal said 48 per cent of the target has been achieved, and that the large domestic market attracts international automobile companies to manufacture in India.