US Pips China To Be India’s Largest Trading Partner in Q1&2 FY24

New Delhi, Oct 23 (KNN) Beating China, the US has emerged as India's biggest trading partner during the first half of the financial year 2023-24. 

Despite of global economic uncertainties, the US surpassed China in terms of trade with India during April-September period.

The government data shows decline in the number of exports and imports between India and the US. 

However, there was fall in trade between India and China during the same period. The final data shows, the US as the biggest trading partner of India during the period.

Exports to the US have come down to USD 38.28 billion during April-September 2023 from USD 41.49 billion a year ago. 

The two nations also witnessed a decline in imports to USD 21.39 billion during the first six months of the current fiscal compared to USD 25.79 billion in the same period last year.

Despite decline in trade between India and America, experts are hopeful of a positive trend in trade in the coming months. They believe that the growth rate will enter a positive zone soon, reported PTI.

The two-way trade between India and China also dropped by 3.56 per cent to USD 58.11 billion. Exports to China reduced marginally to USD 7.74 billion during the first half of the current fiscal from USD 7.84 billion in the year-ago period. Imports from China reduced to USD 50.47 billion from USD 52.42 billion a year earlier.

Despite this, the trend of increasing bilateral trade with the US will continue in the coming years as New Delhi and Washington are engaged in further strengthening the economic ties, they said. 

(KNN Bureau)