China surpasses US, becomes India's top trade partner with $118.4 billion (2024)

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China surpasses US, becomes India's top trade partner with $118.4 billion? ›

In the fiscal year 2024, India's bilateral trade with China totalled $118.4 billion, with imports rising by 3.24% to $101.7 billion and exports increasing by 8.7% to $16.67 billion. Conversely, trade between India and the US experienced a slight decline.

China became India's largest trading partner with $118.4 billion in two-way trade, surpassing the US, whose bilateral trade with India stood at $118.28 billion. India's total trade deficit narrowed to $238.3 billion in the last fiscal year from $264.9 billion in the previous year, the report said.

China surpassed the U.S. to become the world's biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show. U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week.

The U.S. has trade relations with more than 200 countries, territories, and regional associations around the globe. The United States is the 2nd largest goods exporter in the world, behind only China. U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021.

The United States is India's biggest trading partner, with total trade between the two countries amounting to almost $100 billion till October of this calendar year.

The costs to the U.S. economy if we were to prohibit domestic companies (impacting companies such as GE, Honeywell, Collins, and Parker Aerospace) from engaging with COMAC would be significant: The U.S. Chamber of Commerce estimates that losing access to China's aviation market would translate into a loss of $38 ...

By far the largest bilateral trade imbalance is with China. The United States ran a $419 billion goods deficit with China in 2018. The next largest contributor to the goods deficit, at $151 billion, is the European Union, followed by Mexico at $81.5 billion, Japan at $67.6 billion, and Malaysia at $26.5 billion.

However, even in the best-case scenario, China's ascent to surpass the United States as the world's largest economy will take longer than previously anticipated. Assuming a 5 percent annual growth rate, China might not overtake the United States until 2035.

Who owns most companies in China? ›

Many of China's largest companies are state-owned enterprises, due to the significant presence of the Chinese government in the national economy. The headquarters of the electric utility company State Grid in Beijing.

China Is a Major Source of U.S. Imports of Textile Products

In 2021, the U.S. imports of $50.3 billion of Textile products constituted 32.6% of the total U.S. imports of those commodities.

Major trade partners of Russia 2021, by value

In 2021, Russia's main trade partner was China, as the volume of export and import trade between the two countries reached nearly 141 billion U.S. dollars. China was the country's both leading import origin and export destination.

Although there are certain challenges, including sluggish consumer spending and inflation, experts believe China's economy will continue to grow. This is largely due to its three main sectors: services, manufacturing and industry, and agriculture. The World Bank. "GDP (current US$) - China."

US goods exports to China come from a wide range of industries including transportation equipment, agriculture, computers and electronics, and oil and gas, sustaining logistics jobs in America's ports and throughout the country.

U.S Trade with India in Stone, Glass, Metals, and Pearls In 2021, trade in Stone, Glass, Metals, and Pearls between the U.S. and India increased. Exports increased by 66.0% from $4.4 billion in 2020 to $7.4 billion in 2021, making India the destination of 7.8% of total U.S. exports of these commodities.

Exports The top exports of India are Refined Petroleum ($86.2B), Diamonds ($25.9B), Packaged Medicaments ($19.5B), Jewellery ($12.6B), and Rice ($11.1B), exporting mostly to United States ($82.9B), United Arab Emirates ($31.6B), Netherlands ($17.6B), China ($15.3B), and Bangladesh ($13.8B).

As a result, China is India's leading import partner. Consumer electronics, telecommunications equipment, hardware and components, electrical equipment, fertilisers, and chemicals were among the most popular Chinese imports.