China surpasses the US as India’s leading trade partner in the fiscal year 2023-24, marking a significant shift in economic relations.
India’s trade landscape witnessed a notable shift as China emerged as its largest trading partner in the fiscal year 2023-24, surpassing the longstanding position held by the US, reports GTRI.
The two-way commerce between India and China reached $118.4 billion, narrowly exceeding the $118.3 billion bilateral trade with the US during the same period. Notably, India’s exports to China saw a commendable growth of 8.7 percent, totaling $16.67 billion, driven by sectors such as iron ore, cotton, handloom, spices, and plastics.
Conversely, imports from China rose by 3.24 percent to $101.7 billion. Meanwhile, trade with the US saw a slight decline, with exports decreasing by 1.32 percent to $77.5 billion and imports experiencing a significant drop of about 20 percent to $40.8 billion. GTRI’s analysis from FY2019 to FY2024 underscores significant transformations in India’s trade dynamics with its top partners, highlighting concerns over stagnant exports against rising imports, particularly from China.
