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China was the largest trading partner of India with $118.4 billion trade in 2023-24

Published on May 13, 2024
Current Context: On May 12, 2024, it was reported that China had become India’s largest trading partner in the fiscal year 2023-24, with a total trade volume of $118.4 billion.
China was the largest trading partner of India with $118.4 billion trade in 2023-24
  • This marked a significant shift as China surpassed the United States in this regard.
  • The increase in trade was driven by an 8.7 percent rise in India’s exports to China, amounting to $16.67 billion, and a 3.24 percent increase in imports from China, totaling $101.7 billion.
  • Meanwhile, trade with the US saw a slight dip, with exports decreasing to $77.5 billion and imports falling by about 20 percent to $40.8 billion.
  • This shift in trade dynamics has significant implications for both India and China and their respective economies.

Question:

Q.1 Who became India’s largest trading partner in the fiscal year 2023-24?
a. United States
b. Australia
c. Japan
d. China
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