New Delhi: According to the latest data released by Globe Trade Research Initiative, China has regained its position as India's primary trading partner in the FY 2023-24 with 118.4 billion dollar two-way commerce, outpacing the United States for the first time in two years. As per reports, Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.
The figures indicate a noteworthy surge in imports, which saw a 3.24 percent increase, reaching a staggering 101.7 billion dollars.
Additionally, exports experienced a robust growth of 8.7 percent, totaling 16.67 billion dollar.
This uptick underscores the strengthening economic ties between the two Asian giants and emphasises China's reassertion as a key player in India's trade landscape.
Analysts speculate that this resurgence could signify a shift in India's trade dynamics, potentially altering its geopolitical and economic alignments. Amidst global economic recalibrations, the reemergence of China as India's foremost trading partner warrants close observation, as it carries implications that extend beyond bilateral trade relations.
Contrastingly, trade between India and the United States saw a marginal downturn during the fiscal year 2024.
According to recent data, the two-way trade between the nations amounted to 118.3 billion dollars. However, the figures reveal a slight dip in Indian exports, which decreased by 1.32 percent to 77.5 billion dollars while imports experienced a more notable decline, plummeting by 20 percent to 40.8 billion dollars.
This decline in trade between India and the US marks a departure from previous trends and raises questions about the dynamics of their economic relationship.
According to the Global Trade Research Initiative (GTRI), there have been big changes in how India trades with its top 15 partners from 2019 to FY2024.
These changes have affected what India sells to other countries and what it buys from them. They have also affected whether India has more exports than imports or vice versa in different industries.
This news highlights the importance of understanding how trade relationships evolve over time. These transformations can have a big impact on India's economy and its place in the global market. Experts are studying these changes closely to see what they mean for India's future trade strategies and economic growth.
Analysts suggest various factors could be reasons, including shifts in global trade patterns, evolving geopolitical dynamics, and domestic economic policies in both nations. Observers keenly monitor these developments, recognizing the significance of the Indo-US trade relationship within the broader context of international commerce and diplomacy.
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