India’s top trade partner: China regains spot on higher imports

News Snapshot:

With imports from China crossing over $100 billion in FY24, China has overtaken the US to become India’s largest trading partner after a gap of two years, as per data released by the think tank Global Trade Research Initiative (GTRI). The US was India’s top trading partner during FY22 and FY23 after China was the top bilateral trading partner in FY21. India’s bilateral trade with China in FY24 stood at $118.4 billion as imports increased by 3.24 per cent to $101.7 billion and exports rose by 8.7 per cent to $16.67 billion in FY24 compared to FY23, GTRI data showed....