May 12th 2024.
In recent years, China has taken the lead as India's top trading partner, surpassing the United States by a small margin. This information comes from the Global Trade Research Initiative, a reputable economic think tank. In the fiscal year of 2023-24, the two-way commerce between the two countries reached an impressive $118.4 billion. This is a significant increase from the previous year, where the trade between India and the US stood at $118.3 billion.
Interestingly, the roles were reversed in the years leading up to this. During 2021-22 and 2022-23, the US held the title of India's top trading partner. However, China's exports to India saw a growth of 8.7%, reaching $16.67 billion. The industries that contributed to this increase include iron ore, cotton, handloom, spices, and fruits and vegetables. On the other hand, India's imports from China rose by 3.24% to $101.7 billion.
In contrast, India's exports to the US saw a dip of 1.32% in 2023-24, totaling to $77.5 billion. Similarly, imports from the US decreased by about 20%, reaching $40.8 billion. This information was gathered from the data provided by the Global Trade Research Initiative, which analyzed India's trade dynamics with its top 15 trading partners.
According to the Initiative, China's exports to India saw a slight decline of 0.6%, from $16.75 billion to $16.66 billion. However, their imports from India increased significantly by 44.7%, reaching $101.75 billion. This resulted in a trade deficit of $85.09 billion, raising concerns about the stagnant growth of Indian exports.
In contrast, India's trade with the US showed a positive trend, with exports increasing by 47.9% from $52.41 billion to $77.52 billion. Their imports also saw a growth of 14.7%, reaching $40.78 billion. This led to a trade surplus for India, which grew from $16.86 billion to $36.74 billion.
It's worth noting that China has been India's top trading partner for several years, with the exception of 2013-14 to 2017-18, where the UAE held this title. In 2023-24, the UAE was the third-largest trading partner with $83.6 billion. It was followed by Russia, Saudi Arabia, and Singapore. The US, on the other hand, was India's largest trading partner in 2021-22 and 2022-23.
Overall, the trade dynamics between India and its top trading partners have shown significant changes in recent years. This has had an impact on both exports and imports, as well as the trade surplus or deficit across various sectors. The data provided by the Initiative highlights these transformations and raises concerns about the stagnant growth of Indian exports.
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