Tuesday, May 21, 2024
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China reclaims top trading partner tag

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NEW DELHI: Data available with the commerce ministry also showed that China pipped the US to emerge as India’s largest trading partner during the last financial year. India’s trade with the US was estimated at $118.3 billion, compared with $118.4 billion with China.
During the previous year, India-US trade was estimated at $129.4 billion while bilateral trade with its northern neighbour was pegged at $113.8 billion.It was the result of a 15.7% jump in imports from China to $101.7 billion, while exports increased by 3.8% to $16.7 billion.
In contrast, India’s exports to the US went up 17.7% to 77.5 billion, while imports were 6% higher at $40.8 billion. It said that “exponential growth” in exports was seen in the case of Russia, where the value of shipments went up 35%), Romania (139%) and Albania (235%).

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