India continues to rely heavily on China for trade, recording a massive $118.4 billion (ā¹9.82 lakh crore) in trade for the financial year 2023-24. This surpasses trade with the US, which stood at $118.3 billion (ā¹9.81 lakh crore). Despite efforts to reduce dependence on China, imports from China grew by 3.24% year-on-year to reach $101.7 billion (ā¹8.44 lakh crore), while exports to China from India were $16.67 billion (ā¹1.38 lakh crore), marking an 8.7% increase from the previous year.
Indiaās trade deficit with China has also increased significantly, with imports far outpacing exports. The Global Trade Research Initiative (GTRI) reported a rise in trade deficit from $53.57 billion in 2019-20 to $85.09 billion (ā¹7.06 lakh crore) in 2023-24. On the other hand, trade with the US saw a decline in exports by 1.32% to $77.5 billion and a 20% drop in imports to $40.8 billion.
Indiaās export to China includes iron ore, cotton yarn, fabrics, handloom products, spices, fruits, vegetables, and plastics. While US trade has seen substantial changes, India continues to maintain a trade surplus with the US, which grew from $16.88 billion to $36.74 billion (ā¹3.05 lakh crore) over five years. The UAE, Russia, Saudi Arabia, and Singapore follow China and the US as Indiaās major trading partners.
