China Surpasses US as India's Largest Trading Partner in FY 2023-24
| Key Aspect | Details |
|---|---|
| Top Trading Partner | China emerged as India's largest trading partner in FY 2023-24. |
| Trade Value with China | Two-way commerce: $118.4 billion. |
| India's Exports to China | Increased by 8.7% to $16.67 billion. Key sectors: iron ore, cotton, spices, etc. |
| China's Imports to India | Increased by 3.24% to $101.7 billion, widening the trade deficit. |
| Trade with the US | Total trade: US slipped to second position with $118.3 billion. |
| India's Exports to the US | Declined by 1.32% to $77.5 billion. |
| India's Imports from the US | Declined by 20% to $40.8 billion. |
| Trade Surplus with the US | Expanded to $36.74 billion. |
| Other Major Partners | UAE ($83.6 billion), Russia ($65.7 billion), Saudi Arabia ($43.4 billion), Singapore ($35.6 billion). |
| Trade Deficit with China | Grew from $53.57 billion (FY2019) to $85.09 billion (FY2024). |
| Key Insight | India's trade dynamics with its top 15 partners shifted significantly from FY2019 to FY2024. |