Indian think tank: China surpasses the United States to become India's largest trading partner

According to the Global Trade Research Program, a think tank in India, China surpassed the United States to become India's largest trading partner in the fiscal year 2023-2024. According to reports, in the fiscal year 2023-2024, the trade volume between China and India reached 118.4 billion US dollars, and India's exports and imports to China both saw growth, with exports increasing by 8.7%.

According to reports, in the fiscal year 2023-2024, the trade volume between India and the United States was 118.3 billion US dollars, and India's imports and exports to the United States both decreased, with imports decreasing by 20%. According to the report, according to data from the Indian Ministry of Commerce, China was India's largest trading partner from the 2013-2014 fiscal year to the 2017-2018 fiscal year and the 2020-2021 fiscal year. The United States became India's largest trading partner in fiscal years 2021-2022 and 2022-2023.

A report recently released by the Global Trade Research Program shows that in the fiscal year 2023-2024, India's total imported goods amounted to 677.2 billion US dollars, and imports from China amounted to 101.8 billion US dollars. This means that Chinese goods accounted for 15% of India's total imports, and 98.5% of India's imports from China were industrial products. The total import value of industrial products from India is 337 billion US dollars, and China's contribution is enormous, accounting for 30% of the market share. The report states that 15 years ago, this proportion was only 21%, and over the past 15 years, the share of Chinese products in India's imported industrial goods has grown faster than the overall growth rate.

The Indian Economic Times recently reported that in the fiscal year 2023-2024, India's imports of electronic products, communication equipment and electrical products reached US $89.8 billion, while Chinese Mainland alone accounted for 43.9%.

Indian economist Melota stated in an article published in the Indian Financial Express that India mainly exports primary raw materials such as minerals and metals to China, while China exports value-added finished products such as electronics and machinery to India. India has been promoting efforts to reduce trade imbalances, increase market access, and promote mutual investment. However, due to concerns that Chinese products would gain more access to the Indian market, India refused to join the Regional Comprehensive Economic Partnership Agreement, which worsened its trade deficit.

Recently, China appointed Xu Feihong as its ambassador to India after a gap of 18 months, which has attracted widespread attention from Indian society. In a joint interview with Chinese and Indian journalists, Xu Feihong pointed out that the reasons for India's trade deficit with China are multifaceted. China understands India's concerns and never deliberately pursues a trade surplus. The Chinese market is open to all countries, including India. China welcomes more suitable Indian goods to enter the Chinese market, is willing to provide more convenience for India to participate in platforms such as the China International Import Expo, the South China Expo, and the Canton Fair, and is willing to assist Indian enterprises in meeting the needs of the Chinese market and exploring more potential for economic and trade cooperation.

Xu Feihong also stated that the exchange of business personnel between the two sides is beneficial for promoting bilateral trade, and hopes that the Indian side can also provide more convenience for Chinese business people to visit India for inspection.