Board of Trade to meet on Tuesday to discuss ways to boost exports

New Delhi: The Board of Trade (BoT), chaired by Commerce and Industry Minister Piyush Goyal, will meet on Tuesday to review strategies for boosting India’s exports amid steep US tariff hikes, an official said.

The board comprises senior representatives from states, Union territories, and industry bodies, including export promotion councils that will present their sector-specific concerns.

The meeting comes at a crucial time, with India’s exports plunging 11.8 per cent in October to $34.38 billion following the imposition of high tariffs by the US. The country’s trade deficit widened to a record $41.68 billion, driven largely by a surge in gold imports. Imports rose 16.63 per cent to an all-time high of $76.06 billion, fuelled by higher shipments of gold, silver, cotton waste, fertilisers and sulphur.

India’s merchandise exports to the US—its largest export market—also fell for the second straight month in October, declining 8.58 per cent to $6.3 billion after Washington imposed 50 per cent tariffs on several products. India and the US are currently negotiating a bilateral trade agreement, with the first phase expected to be announced soon to address tariff concerns.

To strengthen exporters’ resilience, the government recently approved an export promotion mission worth Rs 25,060 crore for six years starting 2025-26.

It will be implemented through two components: Niryat Protsahan (Rs 10,401 crore) and Niryat Disha (Rs 14,659 crore).

The BoT meeting will enable industry leaders and state governments to offer feedback on foreign trade policy and discuss global developments affecting India’s trade prospects.

During April–October FY25, India’s exports edged up 0.63 per cent to $254.25 billion, while imports grew 6.37 per cent to $451.08 billion. India aims to achieve $2 trillion in goods and services exports

by 2030.