New Delhi

China has taken the title of India's largest trading partner for the fiscal year 2023-24, with a bilateral trade volume reaching $118.4 billion, according to data compiled by the Global Trade Research Initiative (GTRI).

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This figure narrowly surpasses the two-way commerce between India and the United States, which amounted to $118.3 billion during the same period.

As per the report India's exports to China witnessed an increase of 8.7 per cent, totalling $16.67 billion in the last fiscal year.

Key sectors such as iron ore, cotton, textiles, spices, and agricultural products contributed to this growth trajectory.

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On the flip side, India experienced a slight decline in exports to the US, which dipped by 1.32 per cent to $77.5 billion in FY24.

However, imports from the US saw an uptick of 14.7per cent, amounting to $40.78 billion.

Despite this increase in imports, India managed to maintain a trade surplus with the US, expanding from $16.86 billion to $36.74 billion.

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Ajay Srivastava, the Founder of GTRI, highlighted the evolving trade dynamics between India and its top trading partners.

He noted that while India's exports to China remained relatively steady, imports surged by 44.7 per cent, resulting in a widening trade deficit.

Conversely, trade with the US exhibited major growth, with exports surging by 47.9 per cent and imports by 14.7 per cent, contributing to an expanded trade surplus for India.

The data from GTRI further revealed that India's trade relationships with its top 15 trading partners underwent major transformations from fiscal year 2019 to FY24, impacting both exports and imports across various sectors.

(With inputs from PTI)