Representative image of Indian, US and Chinese flags.
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New Delhi: The US remained India's largest trading partner for the fourth consecutive year in 2024-25 with bilateral trade valued at Rs 11,29,150 crore ($131.84 billion), while the country's trade deficit with China widened to Rs 84,97,21,74,23,040 crore ($99.2 billion) during the same period, government data showed.
In the last fiscal, India's exports to China contracted 14.5 per cent to Rs 1,22,065 crore ($14.25 billion) as against Rs 1,42,708 crore ($16.66 billion) in 2023-24. The imports, however, rose by 11.52 per cent in 2024-25 to Rs 9,71,846 crore ($113.45 billion) against Rs 8,71,449 crore ($101.73 billion) in 2023-24.
The trade deficit with China has widened by about 17 per cent to Rs 8,49,617 crore ($99.2 billion) in the last fiscal from Rs 7,28,734 crore ($85.07 billion) in 2023-24.
China continues to be the second largest trading partner of India with Rs 10,93,831 crore ($127.7 billion) two-way commerce in 2024-25 as compared to Rs 10,14,170 crore ($118.4 billion) in 2023-24.
According to the commerce ministry data, China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner. The US has been the largest partner since 2021-22.
During the last fiscal, the UAE with USD 100.5 billion was the third largest trading partner of India.
In the last fiscal, India's exports to the US rose by 11.6 per cent to ($86.51 billion) as against ($77.52 billion) in 2023-24. The imports were up by 7.44 per cent in 2024-25 to ($45.33 billion) against ($42.2 billion) in 2023-24.
The trade surplus with America has touched ($41.18 billion) in the last fiscal from ($35.32 billion) in 2023-24.
In 2024, India's main exports to the US included drug formulations and biologicals ($8.1 billion), telecom instruments ($6.5 billion), precious and semi-precious stones ($5.3 billion), petroleum products ($4.1 billion), gold and other precious metal jewellery ($3.2 billion), ready-made garments of cotton, including accessories ($2.8 billion), and products of iron and steel ($2.7 billion).
Imports included crude oil ($4.5 billion), petroleum products ($3.6 billion), coal, coke ($3.4 billion), cut and polished diamonds ($2.6 billion), electric machinery ($1.4 billion), aircraft, spacecraft and parts ($1.3 billion), and gold ($1.3 billion).
The bilateral trade between India and the US is expected to get a boost in the coming years as both are negotiating a trade agreement. The aim is to increase two-way commerce in goods and services to Rs 42,82,092 crore ($500 billion) by 2030 from Rs 16,35,864 crore ($191 billion) at present.