US India's biggest trading partner during H1 FY24; China 2nd

25 Oct '23

1 min read

Pic: Adobe Stock

Insights

Despite global economic uncertainties and falling exports and imports, US was India's biggest trading partner during the first half of this fiscal.
India-US trade fell by 11.3 per cent to $59.67 billion during H1 FY24 compared to $67.28 billion in the same period last fiscal.
India-China trade dipped by 3.56 per cent to $58.11 billion during the period.

Despite global economic uncertainties and falling exports and imports, the United States was India's biggest trading partner during the first half (H1) of this fiscal (FY24), provisional data from the Indian commerce ministry shows.

India-US trade declined by 11.3 per cent to $59.67 billion during April-September 2023 compared to $67.28 billion in the same period last year.

Exports to the United States reduced to $38.28 billion during H1 FY24 from $41.49 billion a year ago. Imports from there declined as well to $21.39 billion during the period compared to $25.79 billion in the same period last year.

Two-way trade between India and China dipped as well, by 3.56 per cent to $58.11 billion during the period, a news agency reported.

Exports to China fell marginally to $7.74 billion during H1 FY24 from $7.84 billion in the year-ago period. Imports fell to $50.47 billion from $52.42 billion a year earlier.

The US was India's biggest trading partner in FY23, when bilateral trade rose by 7.65 per cent to $128.55 against $119.5 billion in FY22. It was worth $80.51 billion in FY21.

China was India's top trading partner from FY14 till FY18 and also in FY21.

ALCHEMPro News Desk (DS)

More Textiles News - India...