China emerged as India's top trading partner in FY 2023-24 (ended March 31 ). This was reported by the newspaper Business Standard with reference to data from the analytical center of the Global Trade Research Initiative (GTRI).
The volume of bilateral trade between India and China stands at USD 118.4 billion. Imports of Chinese goods increased by 3.24% to reach USD 101.7 billion, India's exports to China increased by 8.7% (to USD 16.67 billion) compared to the previous period. financial year. China is one of India's major suppliers of electronic and telecommunication products, smartphones and advanced technology components.
"During fiscal year 2023-24, India imported telecom equipment and smartphones worth USD 4.2 billion from China, accounting for 44% of total imports in this product category. Imports of Chinese laptops and PCs reached USD 3.8 billion, accounting for 77.7% of India's imports in this sector and showing strong dependence on Chinese technology, the GTRI report said.
In the booming electric vehicle sector, India's dependence on China is also high, with imports of Chinese lithium-ion batteries for electric vehicles estimated at $2.2 billion, accounting for 75% of purchases of this equipment abroad from India.
According to GTRI statistics, in the past fiscal year, China overtook the US, which occupied the top spot in the list of India's trading partners for the previous two years. During the period under review, India-US trade reached USD 118.3 billion as exports fell 1.32% to USD 77.5 billion compared to the previous fiscal year, while imports fell 20% to USD 40.8 billion .USD.