https://sputniknews.in/20240512/china-surpasses-us-as-indias-largest-trading-partner-7351328.html
China Surpasses US as India’s Largest Trading Partner
China Surpasses US as India’s Largest Trading Partner
Sputnik India
India and China trade relationship has witnessed remarkable figures in the bilateral trade arena. The engagement across various sectors has showcased significant progress, enhancing our economic ties and contributing to mutual growth.
2024-05-12T19:52+0530
2024-05-12T19:52+0530
2024-05-12T19:52+0530
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In the financial year 2023-24, bilateral trade between India and China reached $118.4 billion.According to data from the Global Trade Research Initiative (GTRI), an economic think tank, India’s exports to China increased by 8.7 percent to $16.67 billion, while imports witnessed a 3.24 percent surge to $101.7 billion.Meanwhile, exports to the US fell by 1.32 per cent to $77.5 billion, while imports decreased by at least 20 per cent to $40.8 billion.The US was India's top trading partner in the 2021-22 and 2022-23 financial years.
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bilateral trade between india and china, india's largest trading partner, china, the united states, trade with china, trade with the us, india's top trading partners, fiscal year 2023-24, import from china, export to china, iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits, vegetables, plastic and linoleum
bilateral trade between india and china, india's largest trading partner, china, the united states, trade with china, trade with the us, india's top trading partners, fiscal year 2023-24, import from china, export to china, iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits, vegetables, plastic and linoleum
China Surpasses US as India’s Largest Trading Partner
India and China trade relationship has witnessed remarkable figures in the bilateral trade arena. The engagement across various sectors has showcased significant progress, enhancing our economic ties and contributing to mutual growth.
In the financial year 2023-24, bilateral trade between India and China reached $118.4 billion.
According to data from the
Global Trade Research Initiative (GTRI), an economic think tank,
India’s exports to China increased by 8.7 percent to $16.67 billion, while imports witnessed a 3.24 percent surge to $101.7 billion.
The major sectors which benefitted from the increase in trade include iron ore, cotton yarn, fabrics and garments, handlooms, spices, fruits and vegetables, plastic and linoleum.
Meanwhile, exports to the US fell by 1.32 per cent to $77.5 billion, while imports decreased by at least 20 per cent to $40.8 billion.
“From fiscal year 2019 to 2024, the trade dynamics of India with its top 15 trading partners underwent significant transformations, impacting both exports and imports along with the status of trade surplus or deficit across various sectors,” the GTRI said.
The US was
India's top trading partner in the 2021-22 and 2022-23 financial years.
