India is targeting $1 trillion in goods and services exports this year. Union Commerce Minister Piyush Goyal said this on Monday, September 28.

He was speaking after the 14th India-UAE High-Level Joint Task Force meeting in Mumbai. The target covers the current fiscal year.

In FY26, India’s exports were $863.1 billion. This included $441.8 billion in merchandise and $421.3 billion in services. The gap to the $1 trillion mark is about $137 billion.

Merchandise exports grew more than 15% in the first six months of the current fiscal year. This is based on informal data reported by Business Standard.

CII’s Sanjay Budhia said the target needs strong growth. Merchandise must grow 19.96% and services 11.56%.

India and the UAE also set a bilateral trade target of $200 billion by 2032. The two sides met in Mumbai for the 14th edition of the joint task force.

India has finalised trade pacts with the EU, UK, Oman, UAE, Australia, EFTA and New Zealand. These pacts are expected to support export growth.