In fiscal 2023-2024, China was India's top trading partner, just ahead of the United States.

China was the second-largest trading partner in H1 2024, with total trade rising to $58.6 billion—a 7.7-per cent increase YoY.

India recorded its highest trade deficit of $41.6 billion with China during H1 2024, with its exports to that country reaching $8.5 billion.

The country's merchandise exports rose by 5.41 per cent YoY to $230.51 billion during the period. Merchandise imports also rose by 5.47 per cent YoY to $345.3 billion.

India's foreign trade, including both merchandise and services, reached a record $849 billion in H1 2024—up by 5.8 per cent YoY.

India’s exported goods to 239 countries during the period and out of those, 126 showed positive growth, accounting for 75.3 per cent of total exports. Major countries that recorded a rise in exports from India include the United Arab Emirates, the Netherlands, Singapore and China.

However, India’s exports declined to 98 countries, accounting for 24.6 per cent of India's exports, with notable declines to Italy, Belgium, Nepal and Hong Kong, the GTRI report said.

In H1 2024, China remained the largest source of import, with imports rising from $46.2 billion in the same period last year to $50.1 billion.

India’s exports of textiles, fabric, yarn, fibre and carpets during H1 2024 also rose by 7.89 per cent YoY to $7.72 billion. Exports of cotton yarn increased by 6.92 per cent YoY to $1.83 billion during the period.

Export of garments increased by 2.42 per cent YoY during H1 2024 to $8.25 billion.

Fibre2Fashion News Desk (DS)