NITI Trade Watch: India Trade Up 5.4% in FY26

NITI Trade Watch Quarterly: India’s trade up 5.4% in Q4 FY26

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Battle Brief

NITI Aayog released the eighth Trade Watch Quarterly for January to March 2026 on 23 June 2026. India’s total merchandise and services trade grew 5.4% year-on-year in April 2025 to March 2026 to $1.84 trillion. Services exports grew 9.0%. The thematic focus is pharmaceuticals: global demand about $1.3 trillion in 2025; India’s pharma and API exports $35.8 billion.

Fact File

Release: 23 Jun 2026, NITI Aayog
Edition: Eighth; Q4 of 2025-26 (Jan–Mar 2026)
Total trade: $1.84 trillion in April 2025 to March 2026 (+5.4% y-o-y)
Exports / imports: +4.2% / +6.5%
Services exports: +9.0%; India 8th-largest services exporter in 2025
Pharma focus: global demand ~$1.3 trillion (2025); India pharma+API exports $35.8 billion

In the news

NITI Trade Watch Quarterly for Q4 FY26: what happened?

When merchandise slows, services often carry India’s trade. This quarter’s watch also asks whether pharma can move from generics into higher-value biologics and cut China-linked API dependence.

Services exports CAGR 10.3% during 2015 to 2025, above the global average.
Export strength concentrated in formulations and generics; limited share in biologics, immunologicals and advanced therapeutics.
API strength in some intermediates and antibiotics; continued import dependence, particularly from China.
Telangana, Gujarat and Maharashtra named as key pharma manufacturing and export States.

Back Story

What is Trade Watch Quarterly?

A NITI Aayog publication that assesses global and domestic trade trends.
This edition’s theme is India’s pharmaceutical sector and untapped high-value segments.

Why examiners care

Why does NITI Trade Watch Quarterly for Q4 FY26 matter?

External sector: Services surplus offsetting softer merchandise.
Industry: Pharma upgrade path: APIs, biologics, market access.

Exam Radar

What can Prelims ask on NITI Trade Watch Quarterly for Q4 FY26?

Eighth Trade Watch Quarterly; Q4 Jan–Mar 2026.
Total trade $1.84 trillion (+5.4%) in April 2025–March 2026.
India 8th-largest services exporter in 2025; services exports +9.0%.

How to use this in Mains

GS-III Effects of liberalisation; trade policy

As per PIB (2026-06-23): NITI Aayog released the eighth Trade Watch Quarterly for Jan–Mar 2026; India's total merchandise and services trade grew 5.4% year-on-year.
The goal is trade that holds up when geopolitics turns rough.

Quotable data point
NITI Aayog released the eighth Trade Watch Quarterly for Jan–Mar 2026.
PIB: NITI: Trade Watch Quarterly, 23 Jun 2026

Practice MCQs

Original practice questions (not PYQs).

Practice · UPSC

As per NITI Trade Watch (June 2026), India's total merchandise and services trade in April 2025 to March 2026 was about

Answer (c) & explanation

PIB (NITI Aayog), 23 Jun 2026.

Quick questions

Questions students ask about this

What was India's total trade in April 2025 to March 2026?

$1.84 trillion, up 5.4% year-on-year.

What is the thematic focus of this edition?

The pharmaceutical sector, including generics strength and gaps in biologics and APIs.

How fast did services exports grow in the quarter's framing year?

Services exports grew 9.0%, and held a CAGR of 10.3% during 2015 to 2025.