India-China Trade Surpasses $100 Billion in FY24

India's trade with China surpasses $100 billion in FY24, making China India's largest trading partner after two years, as per Global Trade Research Initiative (GTRI) data released on 12th May, `2024.

Key Points

China Overtakes US: After two years, China becomes India's largest trading partner, with trade reaching over $100 billion in FY24.
Import Surge: Imports from China surge by 44.7%, totaling $101.75 billion, while exports witness a marginal decline.
Trade with US: India-US trade reaches $118.3 billion in FY24, with positive growth in exports but a dip in imports.
Dependence on China: India's reliance on Chinese products in critical sectors like telecom, smartphones, and technology components draws scrutiny.
Measures to Reduce Dependence: India implements PLI schemes, anti-dumping duties, and quality control orders to decrease reliance on Chinese imports.
EV Sector Dependency: India's dependence on China remains high in the electric vehicle(EV) sector, particularly for lithium-ion batteries.
Trade Deficit Widens: India's trade deficit with China widens from $53.57 billion in FY19 to $85.09 billion in FY24, despite stagnant exports.
Other Trading Partners: Russia's exports to India see significant growth, while Saudi Arabia's exports double and UAE's trade deficit with India expands.