China Surpasses US To Become India's Largest Trading Partner

2024 • 4min • News • Business


Published On: June 25, 2024 - Amidst years of heightened tensions between India and China over border disputes, China overtakes the US to become India's largest trading partner again in FY24. In FY24, bilateral trade grew 4% to reach $118.4 billion, up from $113.8 billion in FY23. Meanwhile, India's trade with the US declined 8.6% to $118.3 billion in the same period. Over the past five years, trade between India and China has surged from around $80 billion to its current level. This is quite a contrast to India's trade with the US, where India enjoys a hefty $36.7 billion trade surplus, exporting more than it imports. However, the reverse is true with China, where India suffers from a major trade deficit.