8th Edition of Trade Watch Quarterly

Why in News?

NITI Aayog released the eighth edition of the Trade Watch Quarterly on 23 June 2026 in New Delhi. The report reviews India’s merchandise trade, services trade, and external sector performance during Quarter 4 (January–March) of FY 2025-26. This edition also includes a special analysis of the Indian pharmaceutical sector, highlighting its growing contribution to exports and global health security.

What is Trade Watch Quarterly?

The Trade Watch Quarterly is a periodic publication by NITI Aayog that assesses India’s external trade performance and emerging global trade trends. It provides detailed analysis of merchandise exports and imports, services trade, trade diversification, and sector-specific developments to support evidence-based policymaking.

Key Objectives

• Monitor India’s merchandise and services trade.
• Assess external sector resilience.
• Track global trade developments.
• Identify opportunities for export diversification and policy reforms.

India’s Trade Performance in Q4 FY 2025-26

India demonstrated resilience despite global economic uncertainties.

Major Highlights

• Total merchandise and services trade increased by 5.4% year-on-year, reaching US$1.84 trillion.
• Services exports grew by 9.0%, significantly outperforming import growth.
• India maintained a healthy services trade surplus, reinforcing the importance of the services sector in the economy.
• Merchandise exports moderated during the quarter, while imports increased, keeping the overall trade composition broadly stable.

Pharmaceutical Sector: Theme of the Eighth Edition

The report focuses on India’s pharmaceutical industry, recognizing it as a strategic sector for global competitiveness, health security, and export growth. India’s pharmaceutical exports continue to strengthen its position as one of the world’s leading suppliers of affordable medicines and generic drugs.

External Sector and Trade Diversification

The report notes that India’s external sector remained resilient during Q4 FY 2025-26. It identifies the West Asia crisis as a temporary supply shock and emphasizes the importance of diversifying import sources and export markets to reduce supply chain vulnerabilities and enhance economic resilience.

8th Edition of Trade Watch Quarterly: Important Facts

• NITI Aayog released the 8th edition of Trade Watch Quarterly on 23 June 2026.
• The report covers Q4 FY 2025-26 (January–March 2026).
• India’s total merchandise and services trade reached US$1.84 trillion.
• Services exports grew by 9.0% during the quarter.
• India remained the world’s eighth-largest services exporter in 2025.
• The thematic focus of this edition is the pharmaceutical sector.
• The report describes the West Asia crisis as a temporary supply shock affecting global trade