India's trade grew at a healthy 5.4 per cent in Q4FY26 despite a slowdown in merchandise exports on strong growth in services exports and widening services trade surplus, as per the Trade Watch Quarterly report released by NITI Aayog on Tuesday. According to the report, India's merchandise trade showed mixed trends, with exports declining 2.8 per cent to $112.03 billion, while imports surged 12 per cent to $195 billion. However, India continued to maintain a strong services trade surplus of $60.4 billion, supported by a 9 per cent rise in services exports to $111 billion, compared with a 4.1 per cent increase in services imports to $50.7 billion. India's "total trade grew at 5.4% in Q4, FY2026, reaching $1.84 trillion," as per the report.