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.
“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.