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Leadership Communication

Message from Director General

Dear Members,

According to the UNCTAD year-end Global Trade Update released on 9.12.2025, Global trade is on course to grow by 7% to exceed $35 trillion in 2025 for the first time, adding $2.2 trillion. Growth in goods trade is estimated at about 6%, contributing roughly $1.5 trillion of the total increase. Services trade is forecast to grow nearly 9%, accounting for around $750 billion of the overall rise.

Trade in 2025 consistently outpaced global economic growth, reversing the stagnation of 2023–2024. Yet imbalances remain elevated, and friend-shoring and nearshoring—trade shifting towards politically aligned or geographically closer partners—strengthened again, reshaping trade patterns. Manufacturing grew 10% over the year, led by electronics (14%) linked to AI-related demand. Agriculture expanded sharply in the third quarter, with cereals and fruit-and-vegetable exports each rising 11%. Automotive trade fell 4%, while fossil-fuel trade declined amid lower prices. Looking to 2026, UNCTAD expects weaker growth as slower global activity, rising debt, higher trade costs, and persistent uncertainty weigh on performance.

During Apr-Dec 2025, Indian merchandise exports grew marginally by 2.4% to US$ 320.41 billion, while services exports are expected to grow by 6.4% to US$ 303.97 billion, thus overall exports increasing by 4.3% to US$ 634.26 billion. While Electronics exports grew by 35%, Gems & Jewellery declined by 0.51%. Exports to US declined by 1.83% in Dec 2025 but have grown by 9.75% during Apr-Dec 2025. As regards SEZs, merchandise exports declined by 3% to US$ 49.9 billion during Apr-Dec 2025 and services exports grew by 5% to US$ 84.5 billion.

EPCES organised a stakeholder consultation in Chennai under the chairmanship of Shri Rajesh Agarwal, the new Commerce Secretary, on 20.11.2025, with enthusiastic participation from the SEZs and EOUs member units. Commerce Secretary was apprised by the members about various difficulties facing SEZs and EOUs. EPCES also held the CGC meeting outside Delhi in MEPZ Chennai. Commerce Secretary also met the CGC members in the MEPZ office over lunch and visited a few SEZ and EOU units near Chennai.

EPCES has reiterated its request before the Ministry of Textiles to extend the RoSCTL scheme to include SEZ and EOU exporters. Currently, the scheme for rebating state and central taxes on apparel and made-ups does not cover exports made by these units. It is heartening to note that the Government has approved the long-awaited Export Promotion Mission which was announced in the budget last year, covering Market Access Support (replacement of erstwhile MAI) and Interest Subvention Support (replacement of erstwhile Interest Equalisation Scheme).

In November 2025, the RBI also issued the Reserve Bank of India (Trade Relief Measures) Directions, 2025, aimed at mitigating debt-servicing stress and promoting the continuity of viable export-oriented businesses.

(Alok V Chaturvedi)
Director General, EPCES
Quarterly News
Oct–Dec 2025 • PDF
Trade Bulletin
Apr–July 2025 • PDF

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