Merchandise Trade Indices
What They Measure
Merchandise (goods) trade indices comprise two sets of indicators: (1) Unit Value Indices (UVI), which measure price changes in exports and imports — analogous to price indices; and (2) Quantum/Volume Indices, which measure the actual physical change in trade flows stripped of price effects. Together, they allow analysts to decompose changes in trade value into price and volume components, compute terms of trade (ratio of export UVI to import UVI), and assess the real purchasing power of export earnings.
- Export Unit Value Index (EUVI): measures price trends in India's exported goods
- Import Unit Value Index (IUVI): measures price trends in India's imported goods
- Terms of Trade = Export UVI / Import UVI × 100 (>100 means export prices rising faster than import prices — favourable)
- Volume indices: used in National Accounts (GDP) compilation for external sector
- India's merchandise exports in FY2024-25: approximately $437 billion; imports: approximately $677 billion
● Tracked since February 20, 2026 · last seen February 20, 2026 · updates as the daily brief publishes
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