• UGI USER
  • May 13, 2024
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CHINA RECLAIMS TOP TRADING PARTNER POSITION IN INDIA WITH INCREASED IMPORTS

Why in the news?

China surpasses the US as India’s top trading partner, with imports exceeding $100 billion in FY24.

About China Surpasses US as India’s Top Trading Partner:

  • Recent Development: China becomes India’s largest trading partner, overtaking the US, with imports crossing $100 billion in FY24.
  • Trade Data: Bilateral trade between India and China in FY24 reached $118.4 billion, with imports rising by 3.24% to $101.7 billion and exports increasing by 8.7% to $16.67 billion compared to FY23.
  • Trend Analysis: India’s exports to China witnessed a slight decline of 0.6% from $16.75 billion to $16.66 billion, while imports surged by 447% from $70.32 billion to $101.75 billion between FY19 and FY24.
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