largest trading partner in FY24
by surpassing USA
According to data from economic
think tank Global Trade Research
Initiative (GTRI), China has
emerged as India's largest trading
partner in the financial year 2023-
24, overtaking the United States.
UAE becomes India's third largest
trading partner with total trade of
$83.6 billion in 2023-24. Other major
trading partners include Russia
($65.7 billion), Saudi Arabia ($43.4
billion), and Singapore ($35.6
billion).
GTRI data shows that India's
bilateral trade with China stood at
$118.4 billion in FY2024, as imports
grew 3.24 per cent to $101.7 billion
and exports grew 8.7 per cent to
$16.67 billion in FY24 compared to
FY23.
Healthy growth in exports has been
recorded in key sectors with China
– iron ore, cotton
yarn/fabrics/madeups, handloom,
spices, fruits and vegetables,
plastics and linoleum.
India-US two-way trade fell to
$118.3 billion in fiscal year 2014
after a 1.32 percent decline in
exports. compared to $77.5 billion
in the previous fiscal year.
Meanwhile, imports also declined
by 20 percent to $40.8 billion.
The US was India's top trading
partner during FY22 and FY23 after
China was the top bilateral trading
partner in FY21. Before China, the
UAE was the country's largest
trading partner.
During the past five years, Russia's
trade figures showed dramatic
growth, with exports increasing by
78.3 percent.
GTRI Founder Ajay Srivastava said
that from FY 2019 to FY 2024, there
were significant changes in India's
trade dynamics with its top 15
trading partners.
