India’s Exports Hit Record $863 Billion in FY26 Amid Global Headwinds

India’s export sector has achieved a historic milestone, reaching a record high of $863 billion in the 2025-26 fiscal year. This remarkable feat comes despite significant global economic disruptions, including US tariff measures and the ongoing West Asia conflict, showcasing the deep resilience of the nation's trade ecosystem.

Resilience Against Global Volatility

The fiscal year 2025-26 was marked by considerable geopolitical and economic challenges. According to Ajay Bhadoo, Additional Secretary in the Department of Commerce, the combination of shifting US trade policies and the Middle East crisis created a difficult landscape for international trade. However, India managed to overcome these hurdles, effectively nearly doubling its total exports over the last decade from approximately $441 billion to the current $863 billion.

Key sectors driving this unprecedented growth include engineering goods, petroleum products, electronics, pharmaceuticals, gems and jewellery, and chemicals. The ability of these diverse industries to maintain momentum suggests a robust diversification of India's export basket.

Gujarat: The Engine of Export Growth

Gujarat has solidified its position as a premier export hub for the country. The state contributed nearly $110 billion to India's outbound shipments, playing a pivotal role in the national trade surge. The impact of Special Economic Zones (SEZs) in the state is particularly noteworthy.

Data shared by Dnyaneshwar B Patil, Zonal Development Commissioner of the Kandla Special Economic Zone (KASEZ), reveals a massive scale-up in SEZ performance. Exports from Gujarat's SEZs rose from ₹21,79,808 crore in 2014-15 to ₹23,00,793 crore in 2025-26. Furthermore, Gujarat now accounts for approximately 21% of India's total SEZ exports. This growth is mirrored in employment, which has surged from 63,475 to over 2.22 lakh jobs in the same period.

The Semiconductor Push and Future Roadmap

The Indian government is heavily leveraging SEZs to realize the visions of 'Make in India' and 'Viksit Bharat 2047.' A significant component of this strategy is the expansion into high-tech manufacturing, specifically semiconductors.

インド政府は、国内外の主要企業を誘致するため、グジャラート州に半導体に特化した複数の経済特区（SEZ）を新たに指定しました。主な企業には、ドレラにSEZを設立しているTata Semiconductor Manufacturing Private Limitedのほか、CG Semi Technologies、Kaynes Semicon、Micron Technologyなどが含まれます。

今後の展望として、グジャラート州のSEZに関するロードマップは野心的であり、当局は年間の輸出成長率20％、および雇用創出の年率10％増を目標としています。この先端製造業への戦略的な注力により、インドはグローバル・サプライチェーンにおいて高成長の軌道を維持することが期待されています。

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