After two years in the background, China has regained its position as India’s main trading partner, overtaking the United States.
The data from Global Trade Research Initiative (GTRI) reveal that in fiscal 2024, bilateral trade between India and China reached a staggering total of 118.4 billion dollars, marking a surge in imports and exports.
In detail, Indian imports from China in AF24 increased 3,24%, reaching 101,7 billions of dollars. Exports also showed growth, rising 8,7% for 16,67 billions of dollars.
These numbers represent robust growth in bilateral trade despite political tensions and India’s efforts to reduce dependence on Chinese products.
At the same time, trade between India and the US showed a different dynamic. The total achieved was 118,3 billion dollars, but both exports and imports suffered declines in 2024.
Exports to the US fell 1,32%, adding 77,5 billions of dollars, while imports fell 20%, for 40,8 billions of dollars.
India-US trade has been on an upward trajectory over the previous five years, with exports increasing 47,9%, and imports 14,7%.
This increase led to a significantly larger trade surplus for India, which went from 16,86 billions of dollars for 36,74 billions of dollars.
The India-China trade situation, on the other hand, is complex. India has been actively trying to reduce its dependence on strategic products imported from China, such as telecom components, smartphones and computers.
Em 2024India imported 4.2 billion of dollars in telecommunications parts and smartphones from China, which represents 44% of total imports in this category.
Additionally, imports of laptops and PCs added 3.8 billion of dollars, covering 77,7% of Indian needs in these products, which highlights the heavy dependence on Chinese technology.
In response, India adopted several policies, including production-linked incentive schemes, anti-dumping duties and quality control measures to strengthen local industry and reduce Chinese imports.
With information from The Indian Express
Source: https://www.ocafezinho.com/2024/05/13/urgente-china-volta-a-ser-maior-parceira-comercial-da-india/
