Date: 28/05/2024

China replaces the US as India’s largest trading partner in FY24

China has emerged as India’s largest goods trading partner, outdoing the US by a modest $116 million in the last financial year. Merchandise trade with China stood at $118.4 billion in FY 24 on the back of a 4.04% growth, while with the US there was a contraction of 8.59% to $118.2 billion. India’s exports to the US dropped 1.3% to $77.5 billion while imports were down 19.8% to $40.7 billion. In China’s case, exports grew 8.8% to $16.6 billion and imports were up 3.29% to $101.7 billion, resulting in the trade deficit with the country crossing the $85 billion mark. India’s imports from the US were down largely due to a drop in petroleum trade, as per a report.
Source: Exim News Service: New Delhi, May 27