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Category: Business Trends

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Core Merchandise Exports Rise 7.2% in Q1 FY26: Signs of Resilience in India’s Trade Performance

India’s trade momentum is showing encouraging signs of resilience despite ongoing global uncertainties. According to the Monthly Economic Review by the Department of Economic Affairs (DEA), India’s total exports (goods and services) rose 5.9% year-on-year in the first quarter of FY26 (April–June 2025). More significantly, core merchandise exports — which exclude petroleum and gems & jewellery — saw a stronger 7.2% YoY growth.
This growth highlights the sustained strength of India’s external sector amid shifting global trade dynamics.

Key Highlights:

  • Core merchandise exports up 7.2% YoY, showing robust non-oil, non-gold export strength.
  • Total exports (goods & services) rose 5.9% YoY in Q1 FY26.
  • Forex reserves remain healthy, providing over 11 months of import cover, reinforcing economic stability.
  • The Indian Rupee maintained stability in June 2025, despite oil price fluctuations and geopolitical unrest in the Middle East.
  • UNCTAD reported a global trade rebound in Q2 2025 after a slowdown in Q1, driven mainly by developed economies.
  • Trade Policy Uncertainty Index fell by 35% from April to June 2025, indicating improving global trade sentiment.
  • Countries worldwide are:
  • Increasing bilateral negotiations to resolve trade disputes.
  • Diversifying supply chains and encouraging domestic manufacturing in key sectors.

Global Trade Context:

The broader global trade environment remains cautious but stable. While the first half of 2025 saw a USD 300 billion increase in trade value, growth was uneven — with developed nations leading and developing countries showing weaker performance.

Nations are actively countering trade volatility by:

  • Promoting self-reliance in critical industries.
  • Expanding supplier bases across geographies to minimize disruptions.
  • Engaging in strategic bilateral trade agreements to navigate the complex global economic landscape.
India’s steady export growth, stable currency, and strong forex reserves position it favorably amid an increasingly fragmented world economy. The coming quarters will be crucial in determining whether this resilience translates into sustained momentum for FY26.
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Infrastructure & Construction Drive India’s Steel Demand — Government Projects, EV Shift Add Momentum

India’s steel consumption is witnessing robust growth, with infrastructure and construction sectors accounting for nearly 65% of the total domestic steel usage, according to industry experts.
Speaking on this trend, Mr. Sanjay Singh, Director – Strategy and External Relations at Jindal Steel & Power, revealed that 25–30% of this demand stems directly from government-led infrastructure projects, including roads, bridges, and urban development schemes. This surge underlines the government’s continued push to upgrade national infrastructure as a pillar of economic growth.
Adding to this, Ms. Swati Agrawal, CEO & President – Advisory at CARE Analytics, highlighted the booming real estate market and evolving automotive landscape as secondary yet significant contributors to steel demand. The transition to electric vehicles (EVs) and investments in EV charging infrastructure are emerging as new demand drivers for steel, especially in urban corridors.

Policy Moves to Shield Domestic Steelmakers

To curb the influx of cheap imports and support local production, the Central Government enforced a 12% safeguard duty on steel imports in April 2025. The measure is mainly aimed at Chinese imports, with minimum import prices now fixed between Rs. 58,398 (US$ 675) and Rs. 83,378 (US$ 964) per tonne for key steel categories.
Mr. Singh acknowledged the safeguard duty’s impact, saying it has “insulated Indian producers from low-cost steel flooding the market,” thereby strengthening the competitiveness of domestic manufacturers.

Key Highlights:

  • 65% of India’s steel is consumed by infrastructure and construction sectors.
  • 25–30% of demand is driven by government infrastructure projects.
  • Real estate boom and EV transition are accelerating steel consumption.
  • 12% safeguard duty imposed in April 2025 to curb cheap Chinese imports.
  • New import price floor set to protect domestic steelmakers.
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India Eyes Expansion of Fruit Exports to Kuwait Beyond Mangoes

After the overwhelming success of the Indian Mango Festival at The Avenues Mall, India is now setting its sights on widening its fruit export basket to Kuwait.
Speaking to Kuwait Times, Indian Ambassador Dr. Adarsh Swaika revealed that discussions are in progress to introduce a new range of Indian-grown fruits such as dragon fruit, blueberries, and blackberries into the Kuwaiti market.
“These fruits are now being cultivated in India, and there is potential for them to enter the Kuwaiti market soon,” said Dr. Swaika.
This strategic move builds on the momentum created by the successful launch of six new late-season mango varieties in Kuwait, now available at Lulu Hypermarket and soon at other major retailers.

Key Highlights:

  • Mango Momentum: Six Indian mango varieties newly introduced in Kuwait:
  • Chausa, Mallika, Amrapali, Dussheri, Langra, and Fazli (GI-tagged)
  • GI-Tagged Excellence:
  • India exports over 1,000 mango varieties; 10 hold Geographical Indication (GI) tags, including the celebrated Fazli mango.
  • Strengthening Bilateral Trade:
  • The food sector remains a cornerstone in India-Kuwait trade ties.
  • Kuwait ranks among the top 5 global importers of Indian mangoes.
  • Fruit Basket Expansion:
  • Indian-grown dragon fruit, blueberries, and blackberries may soon hit Kuwaiti shelves.
  • Public Reception:
  • The Mango Festival at The Avenues Mall witnessed high footfall and public enthusiasm for Indian mango varieties.

Why This Matters

India’s move to expand fruit exports is a key example of agri-logistics innovation and international market diversification. For logistics players and exporters, this signals growing demand in the GCC region for high-quality Indian horticultural products and the need to scale cold-chain infrastructure to meet rising expectations.
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India-UK Sign Landmark CETA Deal to Boost Trade and Logistics Synergy

In a major step toward strengthening bilateral economic ties, India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA)—a breakthrough pact poised to reshape trade dynamics between the two nations.
The agreement was signed by India’s Union Minister of Commerce & Industry, Mr. Piyush Goyal, and the UK’s Secretary of State for Business and Trade, Mr. Jonathan Reynolds, under the visionary leadership of Prime Minister Narendra Modi.
Currently valued at ₹4.83 lakh crore (US$56 billion), bilateral trade is set to double by 2030, backed by the sweeping benefits of this agreement.

Key Highlights of the India-UK CETA

  • 99% of India’s exports to the UK to enjoy duty-free access
  • Major boost for labour-intensive sectors: textiles, leather, toys, marine products, gems & jewellery
  • High-growth sectors gain momentum
  • Includes engineering goods, auto components, organic chemicals
  • Enhanced market access for Indian services sector
  • Wider reach in IT, finance, education, legal services, and digital trade
  • Simplified visa norms for skilled professionals
  • Benefits categories like chefs, engineers, yoga instructors, and architects
  • Double Contribution Convention signed
  • Indian employees and employers exempted from UK social security contributions for 3 years
  • MSMEs and startups integrated into global value chains
  • Focus on inclusive trade for farmers, women, youth, and artisans
  • Push for sustainable and innovative trade practices
  • Emphasis on non-tariff barrier reduction, green supply chains, and Make in India
This landmark agreement not only opens new doors for export growth and job creation but also places India on a stronger footing in the evolving global supply chain landscape.
Stay tuned for more updates on how CETA impacts logistics, shipping, and cross-border trade operations.
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Pharma Exports Surge 9.3% to $30.5 Billion in FY25

India’s pharmaceutical exports climbed to $30.5 billion in FY2025, reflecting a 9.3% year-on-year growth, according to a new report by Rubix Data Sciences. The momentum is expected to continue, with projections indicating pharma exports could double to $65 billion by 2030.
This surge comes despite mounting global headwinds, notably potential US tariffs and supply chain dependencies on China. Indian companies are pushing ahead with complex generics, strategic global acquisitions, and regulatory fortification to stay competitive.

Highlights from the Rubix Report:

  • Growth Drivers:
  • Rising demand for complex generics
  • Expansion into developed markets (US, Europe)
  • Focus on regulatory compliance and US-oriented manufacturing
  • Challenges Ahead:
  • The US accounts for over 32% of India’s pharma exports.
  • A potential 200% tariff by the US threatens export stability.
  • 74% of India’s bulk drug imports still come from China—posing strategic risk.
  • Strategic Moves by Indian Pharma:
  • Investment in US/EU-based manufacturing and CDMO acquisitions
  • Entry into advanced therapeutic areas (oncology, anti-diabetics, CNS)
  • Targeting opportunities from upcoming global patent expiries
  • Expert Insight:
“From navigating tariff pressures to strengthening compliance and expanding globally, the sector is showing clear signs of strategic maturity.”
— Mohan Ramaswamy, Co-founder & CEO, Rubix Data Sciences
  • Looking Ahead:
  • Firms are diversifying supply chains and customer bases
  • Building resilience to withstand policy shifts and geopolitical tensions
  • Awaiting critical tariff decisions by August 1, which could reshape global pharma flows
This performance reflects not just growth, but the strategic recalibration of Indian pharma amid global volatility. The sector’s agility and focus on innovation are paving the way for long-term global leadership.
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India’s Sugar Exports Set to Hit 900,000 Tonnes by September

India, the world’s second-largest sugar producer, is poised to export up to 900,000 tonnes of sugar by September 2025, following the government’s green light to export 1 million tonnes earlier this year.
Between January 20 and mid-July, exports have already reached 650,000–700,000 tonnes, with strong demand from countries like Somalia, Afghanistan, Sri Lanka, Djibouti, UAE, Libya, and Tanzania.

Key Highlights:

  • Export Quota: Over 500 sugar mills have received quotas amounting to 3% of their average 3-year production.
  • Export Viability: Indian sugar becomes export-viable when global prices exceed USD 502/tonne. Current international prices (~USD 484/tonne) are below this level, while domestic prices remain at USD 430–450/tonne.
  • Global Market Trends: White sugar prices in London peaked at USD 555/tonne in Feb, but have since dropped due to improved global supply.
  • Future Outlook: Despite price dips, industry leaders are optimistic:
  • Deepak Ballani (ISMA) forecasts 800,000 tonnes by September.
  • Prakash Naiknavare (NFCSF) pegs it at 900,000 tonnes.

Domestic Production & Consumption:

  • 2024–25 Sugar Output: Estimated at 26 million tonnes, including a special crushing season in Tamil Nadu and Karnataka.
  • Domestic Consumption: Expected at 28 million tonnes, with an opening stock of 8 million tonnes and a closing stock of around 5.2–5.3 million tonnes—indicating healthy buffer levels.

Promising 2025–26 Season Ahead:

  • Favourable monsoons and improved cane cultivation across Maharashtra, Karnataka, and Uttar Pradesh signal a strong upcoming season.
  • Crisil Forecast: 15% rise in sugar output to 35 million tonnes in 2026, which could fuel both ethanol blending goals and revive export momentum.
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India’s Tea Exports Brew Growth — Up by 2.85% in FY 2024-25

India’s tea industry has reported a modest yet encouraging rise in export volumes during the financial year 2024–25. According to the latest data released by the Tea Board of India, tea exports grew by 2.85%, highlighting steady international demand despite regional variations.

Key Highlights:

  • Total exports rose from 250.73 million kg in FY 2023–24 to 257.88 million kg in FY 2024–25.
  • North Indialed the charge with an 8.15% increase, exporting 161.20 million kg, up from 149.05 million kg.
  • South India, however, witnessed a 4.92% decline, with exports dropping to 96.68 million kg.
  • Export value per kilogram increased by 12.65%, rising from ₹258.30 to ₹290.97.
  • On a calendar-year basis (Jan–Dec 2024), exports hit 256.17 million kg, marking a 10.57% year-on-year rise.
  • Both regions recorded calendar-year growth:
  • North India: 155.49 million kg (+10.28%)
  • South India: 100.68 million kg (+11.02%)
This uptick in exports and value per kilogram reflects a growing global appetite for Indian tea, especially from North India, which continues to dominate in both volume and growth.
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India’s Electronics Exports Soar 47% in Q1 FY26 — US, UAE & China Lead the Surge

India’s electronics export sector is on a steep upward trajectory. According to the Commerce Ministry, exports surged 47% year-on-year in the April–June quarter of FY26, touching ₹1,07,123 crore (US$ 12.41 billion). This remarkable growth underscores India’s strengthening position in global supply chains, particularly as an emerging alternative manufacturing hub in Asia.

The United States, UAE, and China topped the list of export destinations, with the Netherlands and Germany rounding out the top five—showcasing a geographically diverse and expanding global footprint.

Union Minister Ashwini Vaishnaw highlighted that India’s electronics exports have crossed ₹3.45 lakh crore (US$ 40 billion)—an eightfold increase over the last decade. Domestic electronics production, too, has grown six times during the same period.

Key Highlights:

  • 47% growth in electronics exports in Q1 FY26 (₹1.07 lakh crore / US$ 12.41 billion).
  • Top export markets:
  • 🇺🇸 US – 60.17% share
  • 🇦🇪 UAE – 8.09%
  • 🇨🇳 China – 3.88%
  • 🇳🇱 Netherlands – 2.68%
  • 🇩🇪 Germany – 2.09%
  • Total electronics exports: ₹3.45 lakh crore (US$ 40 billion), 8x growth in 11 years
  • India is emerging as a trusted global electronics manufacturing base

Garments & Marine Sectors Also See Export Gains

India’s export momentum isn’t limited to electronics. The ready-made garments (RMG) sector clocked in at ₹36,168 crore (US$ 4.19 billion) in Q1 FY26—a 9% increase from the previous year. The Tiruppur knitwear hub alone saw 11.7% growth in exports.
Meanwhile, marine exports rose by 19.45%, totaling ₹16,832 crore (US$ 1.95 billion), with the US again leading demand.

Other Key Takeaways:

  • RMG exports in Q1 FY26: ₹36,168 crore (US$ 4.19 billion)
  • FY25 RMG exports up 10.03% to ₹1.38 lakh crore (US$ 15.99 billion)
  • Top RMG markets:
  • US – 34.11%
  • UK – 8.81%
  • UAE – 7.85%
  • Germany – 5.51%
  • Spain – 5.29%
  • Marine export growth: 19.45% in Q1 FY26
  • Top buyers: US (37.63%), China, Vietnam, Japan, Belgium
  • Growth supported by cold chain logistics, product diversification, and global quality compliance

The Big Picture

India’s diversified export performance signals a resilient and competitive manufacturing ecosystem. The recurring appearance of the US as the top buyer across multiple sectors reinforces its pivotal role in India’s trade growth story.
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India’s Car Exports Soar 22% in Q1 FY26 – Led by Maruti, Two-Wheelers & Global Demand

India’s automobile exports hit the accelerator in Q1 FY2025-26, clocking a 22% year-on-year surge across all vehicle categories. The growth was fueled by record passenger vehicle (PV) shipments and strong performances in two-wheeler and commercial vehicle segments.

According to the Society of Indian Automobile Manufacturers (SIAM), India exported 14.57 lakh vehicles in April–June 2025, up from 11.93 lakh units in Q1 last year.

Key Highlights:

  • Total Vehicle Exports:
  • 14,57,461 units in Q1 FY26 – up 22% from 11,92,566 units in Q1 FY25.
  • Passenger Vehicle Exports (Record High):
  • Hit an all-time high of 2,04,330 units (↑13%).
  • Two-Wheeler Exports:
  • Rose 23% to 11,36,942 units, up from 9,23,148 units.
  • Commercial Vehicle Exports:
  • Grew 23% to 19,427 units.
  • Three-Wheeler Exports:
  • Jumped 34% to 95,796 units.

Global Markets Driving Growth

  • Middle East & Latin America: Stable demand continued.
  • Rebound in Neighbouring Markets: Sri Lanka and Nepal bounced back.
  • New Opportunities: Japan showing rising demand.
  • FTAs in Action: Shipments under FTAs with Australia and others boosted volumes.

Maruti Suzuki Takes the Lead

  • Maruti’s Q1 Exports:
  • A massive 96,181 units shipped (↑37% YoY), capturing 47% of the PV export market.
  • “Our share in exports reached a historic high of over 47%,” said Rahul Bharti, Sr. Executive Officer at Maruti Suzuki.
  • Rest of the Industry:
  • Passenger vehicle exports from other manufacturers dipped by 2%.
  • Hyundai India:
  • Exported 48,140 units, up 13% from 42,600 last year.

Summary

India’s auto industry is revving up on the global stage with consistent export growth. Backed by market rebounds, strategic trade pacts, and strong performances by major OEMs like Maruti Suzuki and Hyundai, the Q1 numbers paint a promising picture for the rest of FY26.
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Indian Textile Sector Attracts Investment from Japan: AEPC

India’s textile sector is stitching together stronger trade ties with Japan, as major Japanese apparel brands show serious interest in sourcing from and investing in Indian manufacturing. At the recently held India Tex Trend Fair (ITTF) 2025 in Tokyo, key meetings and collaborations unfolded between Indian exporters and Japanese buyers—ushering in a new chapter for bilateral textile trade.
“We had successful meetings with major Japanese brands like Uniqlo, Daiso, and YKK. There is real potential here to scale up sourcing and joint ventures,”
— Sudhir Sekhri, Chairman, AEPC
The Apparel Export Promotion Council (AEPC) believes India has a golden opportunity to become a leading apparel supplier to Japan—leveraging its manufacturing capabilities, growing sustainability focus, and policy support like PM MITRA Parks.

Key Highlights:

  • Japan keen to invest in India’s textile sector; meetings held with top brands including:
  • Uniqlo, Adastria, Daiso, YKK, Pegasus, Toray, and more.
  • Over 30 Indian firms participated in India Tex Trend Fair 2025 in Tokyo.
  • AEPC urged Japanese companies to increase sourcing from India and explore FDI opportunities.
  • Indian companies committed to Japanese quality standards and compliance norms.
  • India's current share in Japan's apparel import market is only 1% (USD 234.5 million) of Japan’s USD 23 billion import volume.
  • India’s sustainability credentials, duty-free trade, and flexible manufacturing are key advantages.
  • To scale up exports, focus needed on:
  • Quality improvement in MMF (Man-Made Fibers).
  • Simplified trade procedures.
  • Japanese regulatory compliance.

Government Push:

The Indian government is accelerating domestic textile manufacturing through schemes like the seven PM MITRA Parks, aiming to make India a preferred sourcing hub for global markets.
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