Imports from China increased, exports decreased
In August, India’s exports to China registered a huge decline. While there was a huge increase in imports. In August 2024, India’s exports to China fell by 22.44 percent to just $ 1 billion, while imports increased by 15.55 percent to $ 10.8 billion. According to the data of the Ministry of Commerce, during April-August in the current financial year, India’s exports to China fell by 8.3 percent to $ 5.8 billion, while imports increased by 10.96 percent to $ 46.65. Due to which the country’s trade deficit increased to $ 35.85 billion.
Exports to these countries also declined
Exports to the US, United Arab Emirates (UAE), Singapore, Bangladesh, Australia, South Africa, France, Nepal, Belgium and Turkey have also declined in August 2024. During this period, imports from UAE, Switzerland, South Korea, Japan, Thailand, Vietnam and Taiwan have increased. According to the data, India’s exports to the US in August fell by 6.29 percent to $ 6.55 billion while imports fell by 6.3 percent to $ 3.82 billion.
Increase in exports to the US
During April-August in the current financial year, exports to the US grew by 5.72 percent to a total of $34 billion, while imports grew by 3.72 percent to $19 billion. This resulted in a trade surplus of $15 billion. Similarly, the country’s imports from Russia declined by about 40 percent to $2.57 billion in August. At the same time, due to the import of crude oil, imports increased by 6.39 percent to $27.35 billion during April-August 2024-25.
India’s largest trading partner
The US was India’s largest trading partner in the last financial year (2023-24). China was followed by India in second place. China was India’s largest trading partner from 2013-14 to 2017-18 and 2020-21. Before China, the UAE was the country’s largest trading partner. The US was the largest trading partner in 2021-22 and 2022-23.
With PTI inputs
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