NITI Aayog released the third edition of the "Trade Watch Quarterly" publication for Q3 FY25 (October-December 2024) on July 14, 2025, in New Delhi. The report, authored by NITI Aayog, provides an analysis of India's merchandise and services trade, and an in-depth exploration of evolving US trade policies and their implications for India.
In Q3 FY25, India's merchandise exports grew by 3% to $108.7 billion, while imports rose by 6.5% to $187.5 billion. A services surplus of $52.3 billion, driven by 17% growth in services exports, helped offset the deficit. The export composition remained stable, with products like aircraft, spacecraft, and parts entering the top ten exports, showing over 200% year-on-year growth. India ranked as the world's fifth-largest exporter of Digitally Delivered Services (DDS), with $269 billion in exports in 2024. High-tech merchandise exports have also gained momentum since 2014, led by electrical machinery and arms/ammunition, growing at a CAGR of 10.6%.
The thematic focus of this edition is the evolving US trade and tariff structures and their implications for India’s export competitiveness. India’s relative tariff advantage presents a strategic window to expand market share in the US, especially in sectors such as pharmaceuticals, textiles, and electrical machinery.
The full publication is available at: https:www.niti.gov.insitesdefaultfiles202507TradeWatchQuarterly.pdf.
Key Entities Referenced
NITI Aayog: A policy think tank of the Government of India, involved in launching the Trade Watch Quarterly.
Trade Watch Quarterly: A publication by NITI Aayog providing analysis of India's trade, with a focus on merchandise and services.
New Delhi: The city in India where the Trade Watch Quarterly was launched.
Dr. Arvind Virmani: Member of NITI Aayog, who released the Trade Watch Quarterly publication.
United States: A key market for India, with evolving trade policies impacting India's export competitiveness.
Digitally Delivered Services DDS: India's fifth-largest exporter with 269 billion in 2024.
India: Country whose trade performance and policies are the focus of the analysis.
FY 202425: The financial year to which the Q3 edition of Trade Watch Quarterly pertains.
NITI Aayog
NITI Aayog launches third edition of “Trade Watch
Quarterly” in New Delhi
“The latest edition of Trade Watch Quarterly, for Q3
of FY 2024-25, provides a timely and data-rich
analysis of India’s merchandise and services trade,
alongside an in-depth exploration of evolving US
trade policies and their implications for India:” Dr.
Arvind Virmani, Member, NITI Aayog
Posted On: 14 JUL 2025 2:55PM by PIB Delhi
Dr. Arvind Virmani, Member of NITI Aayog, released the third edition of the "Trade Watch Quarterly"
publication for Quarter 3 of the financial year 2025 (October to December) on Jul 14, 2025, in New Delhi.
In addition to offering a comprehensive analysis of India’s trade position for the quarter, this edition’s
thematic section focuses on recent shifts in US tariff structures, offering critical insights into the realignment
of international trade and its implications for India’s export competitiveness.
India’s trade performance in Q3 FY25 (October–December 2024) reflected cautious resilience amidst
geopolitical volatility. In Q3 FY25, merchandise exports grew 3% (to $108.7 bn) while imports rose 6.5% (to
$187.5 bn), and a services surplus of $52.3 bn driven by 17% growth in services exports helped offset the
deficit gap, underscoring India’s growing strength in the global services economy. Export composition
remains stable with some products such as aircraft, spacecraft and parts entering the top ten exports with over
200% year-on-year growth. Additionally, India ranked as the world’s fifth-largest exporter, with $269 billion
in Digitally Delivered Services (DDS) exports in 2024. High-tech merchandise exports have also gained
momentum since 2014, led by electrical machinery and arms/ammunition, growing strongly at 10.6% CAGR.The thematic focus of this quarter’s edition is the evolving US trade and tariff structures and their implications
for India’s export competitiveness. India’s relative tariff advantage vis-à-vis major competitors presents a
strategic window to expand market share in the US market, especially in sectors such as pharmaceuticals,
textiles, and electrical machinery, among others. The evolving global trade environment demands agile
policymaking to capitalise on new trade alignments.
Speaking on the occasion, Dr. Virmani congratulated the entire team for coming up with a comprehensive
trade publication capturing the latest trade dynamics with sharp analytical depth and expressed that India’s
evolving trade engagement reflects a deeper advancement of the economy anchored in driven by rising
competitiveness, innovation, and strategic efforts to strengthen its presence in key markets such as the United
States, in alignment with recent shifts in U.S. trade policy.
Dr. Virmani also highlighted that, at a time when global trade is being reshaped by geopolitical shifts,
technological change, and policy uncertainty, this edition serves as a valuable resource for policymakers,
industry, and academia. It offers forward-looking recommendations to enhance overall trade facilitation,
enabling stronger participation in global markets.
The full publication can be accessed at:
https://www.niti.gov.in/sites/default/files/2025-07/Trade-Watch-Quarterly.pdf
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MJPS/SR/SKS
(Release ID: 2144498)