Mumbai, Nov. 28 -- Trade policy uncertainty stayed unusually high through 2025 despite some easing from new trade agreements. The index fell sharply from its April peak but remained far above last year's levels, reflecting the lack of durable, transparent global arrangements. Frontloaded orders boosted trade yet fragmentation and delayed transmission of announced tariffs-due to stockpiling, pauses and rerouting-limited broader gains. Global trade growth is expected to soften, rising 3.6% in 2025 before slowing to 2.3% in 2026, below the pace of 2024.

From April-October FY26, India maintained steady trade momentum: overall exports rose 4.8% YoY, supported by strong services growth of 9.7% and a sizable services surplus. Merchandise export...