India’s merchandise exports have grown by more than 15 per cent in the first five months of the current fiscal despite a challenging global trade environment, Commerce and Industry Minister Piyush Goyal said on Wednesday.The union minister said the growth highlighted the potential for India and other BRICS economies to deepen trade in goods and services, particularly as businesses navigate geopolitical tensions, trade disruptions and uncertainty.“Despite all the turmoil that the world is going through today…I am happy to share that our merchandise exports from India have grown between April and August, in the first five months of this fiscal, by upward of 15 per cent,” Goyal said at the Brics Women’s Business Alliance (WBA) Women-Led Development Summit 2026, as quoted by PTI.Official trade data for August is due on September 15. In the April-July period, merchandise exports rose 17.04% to $173.78 billion, while imports increased 19.27 per cent to $292.38 billion.Three hurdles for businessesGoyal said expanding international trade would require Brics countries to address three key challenges faced by businesses — access to finance, access to buyers and markets, and predictable rules for doing business.He called for greater support for women entrepreneurs and small businesses, including easier access to credit and more opportunities to participate in international trade events.“If we can commit our governments to encourage women-owned enterprises to take greater part in international expositions, conferences, seminars, exhibitions, business forums, it will actually help us engage on many more platforms than an annual Women Business Alliance meeting,” he said.Goyal also proposed more sector-specific women-led business delegations between BRICS countries, giving the example of a women-led textile delegation travelling from one member country to another.Push for common BRICS trade infrastructureThe minister pointed to the Jaipur Consensus, agreed upon at the BRICS Commerce and Industry Ministers’ meeting last month, which includes exploring a common BRICS platform for international trade.Such a platform, he said, could help businesses find buyers and enter new markets, while financial intermediaries could provide support to women entrepreneurs and small businesses.Goyal also pushed for greater digital integration in trade, suggesting that BRICS members work towards a common system for electronic trade documents, including e-invoices, electronic bills of lading and e-customs declarations.He said countries should also facilitate cross-border delivery of services online while continuing to respect their respective laws.Goyal said services could also provide another major avenue for expanding intra-BRICS trade. With global services trade approaching $10 trillion, he said the relatively low level of services trade within BRICS points to significant untapped potential.Women entrepreneurs and MSMEs, he said, could play a larger role in areas including mobility, services and the digital economy.On financing, Goyal asked the BRICS Women’s Business Alliance and BRICS Business Council to ensure that a proposed study on an invoice discounting platform addresses the actual needs of women exporters.He also urged governments, banks and Exim Banks to consider such invoices while taking lending decisions and called for the proposed Women’s Advancement Fund under the Jaipur Consensus to be turned into a concrete initiative.Goyal said closer cooperation among BRICS economies was important at a time of heightened volatility and uncertainty in global trade, while emphasising that the bloc should continue engaging with the wider global economy.
