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China Overtakes US as India’s Largest Trading Partner in FY24

According to data from the Global Trade Research Initiative (GTRI), an economic think tank, China has emerged as India’s largest trading partner in the fiscal year 2023-24, surpassing the United States. The two-way commerce between India and China stood at a staggering $118.4 billion, slightly edging out the $118.3 billion traded with the US.

This shift in trading dynamics highlights the growing economic ties between India and China, as well as the changing global trade landscape. With China now leading as India’s largest trading partner, it signifies a significant milestone in the bilateral relations between the two Asian giants.

Experts suggest that this development could have far-reaching implications for the economic growth and strategic interests of both countries. As China continues to expand its presence in the global market, India’s trade relationship with its neighbor will play a crucial role in shaping the future of the region.

The rise of China as India’s top trading partner also underscores the need for both countries to strengthen cooperation and address any potential challenges that may arise in the realm of trade and commerce. As the world economy continues to evolve, the partnership between India and China will be closely watched by international observers for its impact on the global economic landscape.