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India’s top trading partner in FY24
May 18 , 2024
43 days
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- China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce.
- It narrowly edging past the US, according to the data of economic think tank GTRI.
- The bilateral trade between India and the US stood at $118.3 billion in 2023-24.
- India's exports to China rose by 8.7 per cent to $16.67 billion in the last fiscal.
- The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum.
- Meanwhile, exports to the US dipped by 1.32 per cent to $77.5 billion in 2023-24 as against $78.54 billion in 2022-23, while imports dipped by about 20 per cent to $40.8 billion.
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