China has solidified its position as India's foremost trading partner, with bilateral commerce amounting to USD 118.4 billion in the fiscal year 2023-24, slightly surpassing the United States, according to data from the Global Trade Research Initiative (GTRI), an economic think tank. This marks a significant shift, as Washington held the top position in the preceding two fiscal years.

In the latest fiscal year, India's exports to China experienced a notable uptick of 8.7 percent, reaching USD 16.67 billion. Key sectors driving this growth included iron ore, cotton yarn/fabrics/madeups, handloom products, spices, fruits and vegetables, plastic, and linoleum. Conversely, imports from China increased by 3.24 percent, totaling USD 101.7 billion.

On the other hand, India's trade with the US witnessed a slight decline, with exports dipping by 1.32 percent to USD 77.5 billion, and imports contracting by about 20 percent to USD 40.8 billion. Despite this, the overall trade surplus with the US expanded, reaching USD 36.74 billion.

From fiscal year 2019 to FY2024, India's trade dynamics with its top 15 trading partners underwent significant transformations, as outlined by GTRI. While India experienced a marginal decline in exports to China, imports from the country surged by 44.7 percent, resulting in an expanding trade deficit. Conversely, trade with the US demonstrated growth, with both exports and imports seeing substantial increases, leading to an expanded trade surplus for India.

Historically, China has intermittently held the position of India's top trading partner, alongside periods where the UAE and the US claimed the spot. In the latest fiscal year, the UAE ranked as India's third-largest trading partner, with a trade volume of USD 83.6 billion, followed by Russia, Saudi Arabia, and Singapore.

These shifts underscore the evolving nature of India's trade relationships and highlight the importance of monitoring trade dynamics to assess economic trends and challenges.

China has solidified its position as India's foremost trading partner, with bilateral commerce amounting to USD 118.4 billion in the fiscal year 2023-24, slightly surpassing the United States, according to data from the Global Trade Research Initiative (GTRI), an economic think tank. This marks a significant shift, as Washington held the top position in the preceding two fiscal years.

In the latest fiscal year, India's exports to China experienced a notable uptick of 8.7 percent, reaching USD 16.67 billion. Key sectors driving this growth included iron ore, cotton yarn/fabrics/madeups, handloom products, spices, fruits and vegetables, plastic, and linoleum. Conversely, imports from China increased by 3.24 percent, totaling USD 101.7 billion.

On the other hand, India's trade with the US witnessed a slight decline, with exports dipping by 1.32 percent to USD 77.5 billion, and imports contracting by about 20 percent to USD 40.8 billion. Despite this, the overall trade surplus with the US expanded, reaching USD 36.74 billion.

From fiscal year 2019 to FY2024, India's trade dynamics with its top 15 trading partners underwent significant transformations, as outlined by GTRI. While India experienced a marginal decline in exports to China, imports from the country surged by 44.7 percent, resulting in an expanding trade deficit. Conversely, trade with the US demonstrated growth, with both exports and imports seeing substantial increases, leading to an expanded trade surplus for India.

Historically, China has intermittently held the position of India's top trading partner, alongside periods where the UAE and the US claimed the spot. In the latest fiscal year, the UAE ranked as India's third-largest trading partner, with a trade volume of USD 83.6 billion, followed by Russia, Saudi Arabia, and Singapore.

These shifts underscore the evolving nature of India's trade relationships and highlight the importance of monitoring trade dynamics to assess economic trends and challenges.