Business & Economy

China Surpasses US as India’s Largest Trading Partner

© AP Photo / Manish SwarupFILE- Indian Prime Minister Narendra Modi, front and Chinese President Xi Jinping
FILE- Indian Prime Minister Narendra Modi, front and Chinese President Xi Jinping  - Sputnik India, 1920, 12.05.2024
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.
Excavator loading coal - Sputnik India, 1920, 06.05.2024
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