China was India’s top import source with $65.89 billion, a 9.8 per cent year-on-year increase, worth of inbound shipments during the April-October period of this fiscal, according to the commerce ministry data.
Photograph: Aly Song/Reuters
Exports to China, however, dipped by 9.37 per cent to $8 billion.
During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 6.31 per cent to $47.24 billion.
During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed.
Imports from Russia rose by 8.85 per cent to $38.8 billion during April-October this fiscal from $35.65 billion a year ago.
Similarly, the inbound shipments from the UAE rose by 55.12 per cent to $38.64 billion from $24.9 billion in the first seven months of the last fiscal.
During the period, the top 10 export destinations of the country were the US, the UAE, the Netherlands, the UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and Australia.
Exports to the UAE rose by 15.86 per cent from $18 billion during April-October 2023 to $20.93 billion during April-October this fiscal.
In 2023-24, the US was India’s largest trading partner, followed by China.
China was India’s top trading partner from 2013-14 till 2017-18 and in 2020-21.
Before China, the UAE was the country’s largest trading partner.
The US was also India’s largest trading partner in 2021-22 and 2022-23.
Further in October, imports from the UAE, with which India has a free trade agreement, jumped by 70.37 per cent to $7.18 billion, while exports grew by 43.32 per cent to $3.72 billion.
