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China Becomes India’s Top Import Source, US Leads in Exports
China has emerged as the top import source for India, with inbound shipments worth $56.29 billion during the April-September period of the current fiscal year, as per data released by the commerce ministry. This marks an 11.5% increase from the $50.48 billion worth of imports recorded during the same period in 2023. The rise in imports from China reflects the continued strong trade ties between the two Asian giants, even amid global economic challenges.
US Remains India’s Leading Export Destination
During the same period, the United States maintained its position as India’s top export market, with exports growing by 5.62% to reach $40.38 billion. The US’s status as a key export destination underscores its role in India’s external trade dynamics. Additionally, the UAE and China also featured prominently among India’s top export markets, with exports to the UAE rising from $15.47 billion in April-September 2023 to $17.24 billion during the same period this fiscal.
Top Trading Partners: China, US, and UAE
India’s top 10 import sources during April-September included China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland, and Singapore. Notably, imports from Russia rose to $32.18 billion from $30.43 billion in the same period last year, while shipments from the UAE surged to $31.46 billion from $20.70 billion.
On the export side, the top destinations were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and South Africa. Outbound shipments to China slightly decreased from $7.63 billion last fiscal to $6.91 billion during the first half of this year, reflecting shifting trade dynamics.
In terms of overall trade partnerships, the US was India’s largest trading partner in 2023-24, followed by China. Historically, China held the top spot as India’s primary trading partner from 2013-14 to 2017-18 and again in 2020-21. The US took the lead in 2021-22 and 2022-23, but the current fiscal year saw China reclaiming its dominance in imports, even as the US remains a crucial destination for Indian exports.
