NITI Aayog Releases Eighth Trade Watch Quarterly

NITI Aayog released the eighth edition of the Trade Watch Quarterly on 23 June 2026 in New Delhi. The publication covers Quarter 4 of FY 2025-26, which corresponds to January-March 2026, and presents an assessment of global and domestic trade trends.

Trade Watch Quarterly

Trade Watch Quarterly is a periodic publication of NITI Aayog that tracks merchandise trade, services trade, and external sector developments. The eighth edition covers India’s trade performance in Q4 FY 2025-26 and includes a thematic focus on the pharmaceutical sector.

India’s Trade Performance in Q4 FY 2025-26

India’s total merchandise and services trade expanded by 5.4% year-on-year during January-March FY 2025-26 and reached $1.84 trillion. Services exports grew by 9.0% and outpaced import growth, which sustained a services surplus in the quarter.

Pharmaceutical Sector in Trade Analysis

The thematic focus of the eighth edition is the pharmaceutical sector. The sector is linked with global competitiveness and health security, and it remains a major component of India’s export basket.

Important Facts for Exams

• India remained the world’s eighth-largest services exporter in 2025.
• Merchandise exports moderated in Q4 FY 2025-26.
• Imports increased in Q4 FY 2025-26, while the overall trade composition remained stable.
• The West Asia crisis was described as a temporary supply shock in the context of India’s trade diversification.

External Sector and Trade Diversification

India’s external sector showed continued resilience in Q4 FY 2025-26. The publication links supply disruptions in West Asia with the need to diversify import sources and export markets.