China ranked as India's top trade partner in FY24, with $118.4 billion

US came in second with $118.3 billion. In 2023–24, the value of bilateral commerce between the US and India was $118.3 billion. Throughout 2021–2022 and 2022–2023 Washington was New Delhi's principal commercial partner.

Delhi, New: Data from the economic research tank GTRI shows that, with $118.4 billion in two-way trade in 2023–24, China has become India’s top trading partner, narrowly surpassing the US.

In 2023–24, the value of bilateral commerce between the US and India was $118.3 billion. Throughout 2021–2022 and 2022–2023 Washington was New Delhi's principal commercial partner.

India's exports to China increased by 8.7% to $16.67 billion in the most recent fiscal year, according to the statistics. The primary industries with robust growth in exports to that nation are iron ore, plastic, linoleum, spices, cotton yarn/fabrics/madeups, handloom products, fruits and vegetables, and spices.

The neighboring nation's imports reached $101.7 billion, up 3.24 percent.

However, the statistics indicated that although imports decreased by over 20% to $40.8 billion, exports to the US decreased by 1.32 percent to $77.5 billion in 2023–24 compared to $78.54 billion in 2022–23.

According to the Global Trade Research Initiative (GTRI), India's trade dynamics with its top 15 trading partners saw major changes between fiscal year 2019 and FY2024. These changes affected both exports and imports, as well as the position of trade surplus or deficit across numerous sectors.

It also said that while China's imports increased by 44.7%, from $70.32 billion to $101.75 billion, its exports decreased marginally by 0.6%, to $16.75 billion to $16.66 billion.

Ajay Srivastava, the founder of GTRI, said, "This growth in imports led to an increased trade deficit, expanding from $53.57 billion in FY2019 to $85.09 billion in FY2024, highlighting problems over stagnant exports amidst rising imports."

On the other hand, it said that commerce with the US was expanding, with exports rising sharply from $52.41 billion to $77.52 billion, a 47.9% increase.

Additionally, US imports increased by 14.7%, from $35.55 billion to $40.78 billion. India's trade surplus increased as a consequence, rising from $16.86 billion to $36.74 billion.

China ranked first among India's commercial partners in 2020–21 and from 2013–14 to 2017–18, according to statistics from the commerce ministry. The UAE was the nation's top trade partner before to China. In both 2022–2023 and 2022–2023, the US constituted the biggest partner.

With $83.6 billion, the UAE ranked as India's third-largest trade partner in 2023–2024. Singapore ($35.6 billion), Saudi Arabia ($43.4 billion), and Russia ($65.7 billion) came next.