NITI Aayog launched the fourth edition of "Trade Watch Quarterly" in New Delhi on October 6, 2025, covering Q4 of FY 2024-25 (January to March). The report, released by CEO B.V.R. Subrahmanyam, presents an in-depth assessment of India's trade performance, capturing trends in merchandise and services, shifts in global demand, and prospects for export diversification. In Q4 of FY’25, India's total trade stood at $441 billion, a 2.2% year-on-year increase. Merchandise exports experienced a slight contraction, while imports rose marginally. North America was the strongest export market, growing by 25%, representing a quarter of India's exports. The UAE overtook Russia as India's second-largest supplier. The report examines the leather and footwear sector, which employs 4.4 million people, highlighting its export potential and need for competitiveness. India's share in the global market for leather and footwear is 1.8% of the $296 billion total. The publication is accessible at https://niti.gov.in/sites/default/files/2025-10/Trade_Watch_Report_Q4_FY25_V4.pdf.
Key Entities Referenced
NITI Aayog: The primary organization launching and releasing the 'Trade Watch Quarterly' report.
Trade Watch Quarterly: The central subject of the news report, a quarterly report on India's trade performance.
New Delhi: The location where the 'Trade Watch Quarterly' was launched.
NITI Aayog
NITI Aayog launches fourth edition of “Trade Watch
Quarterly” in New Delhi
Posted On: 06 OCT 2025 4:58PM by PIB Delhi
The latest edition of “Trade Watch Quarterly” for Q4 of FY 2024-25 presents an in-depth assessment of
India’s trade performance, capturing trends in merchandise and services, shifts in global demand, and
prospects for export diversification, while underscoring the imperative to diversify into high-demand global
markets. - B.V.R. Subrahmanyam, CEO, NITI Aayog
The fourth edition of Trade Watch Quarterly for Q4 of the financial year 2025 (January to March) was
released by Shri B.V.R. Subrahmanyam, CEO of NITI Aayog, on October 6, 2025, in New Delhi.
In addition to providing a comprehensive analysis of India’s trade for the quarter, this edition examines the
leather and footwear sector, highlighting its employment potential, export opportunities, and the need for
greater competitiveness in global markets.
During Q4 of FY’25, India’s trade performance remained steady, with total trade at $441 billion, up 2.2%
year-on-year. Merchandise exports saw a modest contraction due to a decline in mineral fuels and organic
chemicals, while sectors such as electrical machinery, pharmaceuticals, and cereals registered healthy growth.
Imports rose marginally, supported by higher demand for nuclear reactors, electrical machinery, and inorganic
chemicals. Regionally, North America emerged as the strongest export market, growing by 25% and
accounting for a quarter of India’s exports, while exports to the EU, GCC, and ASEAN moderated. On the
import side, the UAE overtook Russia as India’s second-largest supplier, driven by gold inflows under CEPA,
while imports from China surged on strong demand for electronics.
This edition of Trade Watch Quarterly also assesses India’s leather and footwear exports, which employs 4.4
million people and contributes significantly to exports. India remains competitive in processed leathers and
niche apparel, but its overall share in the $296 billion global market is modest at 1.8%. With global demandshifting rapidly towards non-leather and sustainable products, India faces both challenges and opportunities.
Strengthening MSMEs, investing in R&D, and aligning with green and design-driven value chains will be key
to expanding India’s global footprint.
Speaking on the occasion, Shri B.V.R. Subrahmanyam congratulated the team for presenting a comprehensive
assessment of India’s trade dynamics, noting that services exports, aerospace, and high-value manufacturing
are driving resilience. He stressed that India must adapt quickly to evolving demand patterns, diversify its
export base, and enhance competitiveness in non-leather footwear and global value chains, while closely
monitoring geopolitical shifts in trade.
The publication can be accessed at https://niti.gov.in/sites/default/files/2025-
10/Trade_Watch_Report_Q4_FY25_V4.pdf
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MJPS/SR
(Release ID: 2175393)