China became India's main trading partner in fiscal year 2023-24

12:26 - 13.05.2024

May 13, Fineko/ China came out on top among India's trading partners in fiscal year 2023-24, which ended on March 31, 2024.

ABC.AZ informs, referring to the report of analytical center Global Trade Research Initiative (GTRI).

India's bilateral trade with China amounted to $118.4 billion. Imports of Chinese goods increased by 3.24%, reaching $101.7 billion, while India's exports to China increased by 8.7% (to $16.67 billion) compared to the previous fiscal year. China is one of the main suppliers to India of electronic and telecommunication products, smartphones and advanced technological components.

"In fiscal year 2023-024, India imported telecommunications equipment and smartphones from China in the amount of $4.2 billion, which is 44% of the total imports in this category of goods. Imports of Chinese laptops and personal computers reached $3.8 billion, which accounts for 77.7% of India's imports in this sector and indicates a strong dependence on Chinese technology," the GTRI report says.