India Records Strong Export Growth in May, Says Goyal

India’s exports have registered robust growth during the first three weeks of May, continuing the momentum witnessed in April, Commerce and Industry Minister Piyush Goyal announced on May 23, 2026.

Export Performance

The minister confirmed that export data for the initial three weeks of May indicates sustained growth, matching the pace achieved in April when exports rose 13.78 per cent to $43.56 billion—the highest monthly outbound shipments in over four years. The April surge was primarily driven by petroleum products amid escalating crude oil prices, though the trade deficit widened to a three-month high of $28.38 billion due to increased imports.

“We have been able to demonstrate resilience in the face of so many adversities,” Goyal stated, emphasizing that while the world navigates turbulence, India is steadily rising on the global stage with healthy growth in exports and foreign direct investment.

The Commerce Ministry will officially release May’s complete export and import data on June 15.

Record FDI Inflows

Foreign direct investment during FY 2025-26 has reached an all-time high of $95 billion, representing a 17 per cent year-on-year increase. Goyal projected this growth trajectory will continue, citing India’s status as a preferred investment destination among global investors.

Semiconductor Milestone

The minister highlighted a major achievement in India’s semiconductor sector, with Tata Electronics and Dutch semiconductor equipment major ASML partnering to establish a manufacturing plant in Dholera, Gujarat.

“When the semiconductor mission was launched three years ago, ASML was hesitating. And there is no chip that can be made without ASML equipment. So you see, what a big change in three years—from no to yes,” Goyal remarked. ASML holds a monopoly in lithography equipment critical for producing advanced small-sized semiconductors.

Domestic Manufacturing Push

The ministry convened an inter-ministerial meeting with industry associations to explore strategies for boosting domestic manufacturing. Suggestions were received from sectors including capital goods, optical fibers, and chemicals.

During the meeting, the ministry shared import data and sector-wise export potential information, with plans to place this data in the public domain. “Opportunity will pull investment,” Goyal noted, adding that the government periodically introduces sector-specific incentives based on requirements.

Government Support Measures

Goyal acknowledged that the government has absorbed significant costs, particularly shielding farmers from elevated fertilizer prices by bearing the financial burden rather than passing it to agricultural producers. The government continues introducing initiatives to support economic growth.