India’s Commerce and Industry Minister Piyush Goyal on Thursday, July 17, said he held a productive meeting with Faisal bin Fadel Al-Ibrahim, the Minister of Economy and Planning of Saudi Arabia.
The two leaders discussed ways to strengthen bilateral ties, focusing on enhancing trade and investment partnerships and exploring collaboration in key sectors such as pharmaceuticals, petroleum, and ceramics. The minister also invited his Saudi counterpart to visit India at the earliest.
India and Saudi Arabia enjoy strong trade relations. Saudi Arabia is a major supplier of crude oil to India and remains one of the country’s key energy partners. In the financial year 2023–24, the bilateral trade between the two nations reached USD 42.98 billion. India’s exports to Saudi Arabia stood at USD 11.56 billion, while imports were valued at USD 31.42 billion.
Held a productive meeting with H.E. Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning, Saudi Arabia.
— Piyush Goyal (@PiyushGoyal) July 16, 2025
Discussed strengthening India-Saudi Arabia ties, with a focus on enhancing our trade & investment partnership and collaborating in key sectors like pharmaceuticals,… pic.twitter.com/e26mCO2kiL
Piyush Goyal also held a separate meeting with Commerce Representatives from 74 Indian missions across the world. During the session, he focused on strategies to promote exports and improve India’s global trade outreach. The discussions included strengthening engagement in foreign markets, improving trade intelligence, and working closely with Indian exporters.
Convened a productive meeting with Commerce Representatives in 74 Indian missions abroad.
— Piyush Goyal (@PiyushGoyal) July 16, 2025
Emphasised the need for proactive market engagement, enhanced trade intelligence and closer collaboration with Indian exporters.
Highlighted the importance of identifying new export… pic.twitter.com/jgYjdc2OvH
He highlighted the need to explore new opportunities for exports, resolve non-tariff barriers, and improve coordination between Indian embassies and industry stakeholders. The role of Indian missions in supporting trade, tourism, technology, and investment promotion was also underlined. The minister urged all missions to provide regular updates through the Trade Connect platform to ensure effective communication and reporting.
India’s total exports of merchandise and services in June 2025 reached USD 67.98 billion, marking a 6.5 percent increase compared to the same month last year. This growth comes despite ongoing global challenges, including rising US tariffs and geopolitical tensions.
During the April to June quarter of 2025, India’s total exports were estimated at USD 210.31 billion, registering a 5.94 percent growth over the previous year. Imports during the same period rose by 4.38 percent to USD 230.62 billion.
Among the top contributors to India’s export growth were electronic goods, pharmaceuticals, and engineering products. These sectors have played a major role in boosting the overall performance of the country’s merchandise exports, indicating a shift towards a more industrial-focused export basket.
