Exports dip over 2% in May amid global headwinds

India's merchandise shipments fell by 2.17% on an annualised basis to $38.73 billion in May amid global geopolitical turbulence and tariff uncertainties, prompting the government to convene a meeting of stakeholders this week to assess the impact of the Israel-Iran war on trade and take necessary preemptive measures, officials said on Monday.

- Rajeev Jayaswal

NEW DELHI:

According to commerce secretary Sunil Barthwal, the country's merchandise exports, however, achieved over 3% growth at $77.19 billion in the first two months of the current fiscal year (April-May of FY26) compared to $74.89 billion in the same months of the previous fiscal year, exhibiting better performance compared to the global average, and contrary to the World Trade Organisation's recent "pessimistic" forecast.

Referring to the WTO's Global Trade Outlook and Statistics April 2025, he said: "If you also look at the forecast... we are growing much better than the global average. And, we have also been able to raise our share in exports... We have been able to do better than rest of the world... India is doing much better despite some kind of pessimistic scenarios which have been forecast by WTO."

India's imports rose by 8% to $125.52 billion in April-May.