NITI Aayog Vice Chairman Suman Bery — wait, the report was presented by NITI Aayog Vice Chairman Ashok Kumar Lahiri on Wednesday, 16 September 2026, at the launch of the Trade Watch Quarterly for April–June 2026 (Q1 FY27). India's total trade — merchandise and services combined — reached $506.9 billion in Q1 FY27, registering 15.5 per cent annual growth, according to the latest edition of the quarterly publication.

Key Trade Highlights in Q1 FY27

Merchandise exports grew strongly during the quarter, led by mineral fuels, electrical machinery, nuclear reactors, iron and steel, and vehicles. A rise in shipments of petroleum products, steel, engineering goods, and automobiles provided additional momentum. On the import side, growth was concentrated in capital goods, electronic components, and copper — reflecting expanding industrial capacity and India's deepening integration with global value chains.

Export Market Diversification

India's export destinations continued to widen, with Tanzania and South Africa emerging among the top ten export markets, alongside strong growth in exports to Singapore. Imports from Latin America and West Africa recorded significant growth, supported in part by diversification of crude oil sourcing — a move that NITI Aayog says enhances resilience in India's import basket. Northeast Asia, West Asia-GCC, and ASEAN together accounted for around half of India's total imports.

FTA Partners and Metals Trade

Trade with Free Trade Agreement (FTA) partners gained further momentum, with exports rising by 36.3 per cent and imports growing by 10.0 per cent, underscoring the value of deeper economic partnerships. On metals, exports reached $34.8 billion in 2025, with iron and steel, articles of iron and steel, and aluminium collectively accounting for around 78 per cent of the total. Metals and ores imports climbed from $32.2 billion in 2015 to $60.5 billion in 2025, driven by rising demand for copper, lithium, cobalt, and nickel in line with India's manufacturing expansion, infrastructure development, and energy transition goals.

Structural Challenges and the Road Ahead

The Trade Watch Quarterly report also examines India's growing import dependence across metals and ores, with a focus on critical minerals and higher-value non-ferrous metals. It assesses structural constraints and opportunities to strengthen domestic value addition, attract investment, and sharpen global competitiveness. Lahiri emphasised that sustained trade gains will require deeper integration with global and regional value chains, stronger domestic capabilities in strategic sectors, and a policy environment that enables Indian firms to compete effectively in international markets. Notably, the sharp rise in critical mineral imports signals both an opportunity and a vulnerability — one that policymakers will need to address as India's energy transition accelerates.