Introduction
After a two-year lull, China has once again become India’s top trading partner, surpassing the US in a major change in the dynamics of global trade. The Global commerce Research Initiative (GTRI) has revealed data showing that commerce between China and India increased to $118.4 billion in the fiscal year 2024, indicating a significant rise in economic activity between the two Asian superpowers. This development highlights the strengthening relationship between China and India in spite of geopolitical unrest and worries about economic dependence.
India-China commerce Performance
According to the most recent data, commerce between the two countries has performed well. While Indian exports to China have increased significantly, by 8.7% to reach $16.67 billion, Chinese imports have increased by 3.24% to $101.7 billion. The resurgence of trade activity underscores the robustness of economic ties between the two nations, buoyed by complementary industrial structures and escalating consumer demand.
Trade with the United States
On the other hand, within the same time frame, trade between India and the United States somewhat decreased. In FY24, two-way commerce was valued at $118.3 billion. Indian exports decreased by 1.32% to $77.5 billion, while imports saw a more notable reduction of 20% to $40.8 billion. Although China has solidified its position as India’s top commercial partner, the United States continues to be an important economic partner for India, according to the most recent data.
Economic Dependency
India’s economic relations with China have come under fire, especially in light of the country’s heavy reliance on Chinese imports in vital industries like pharmaceuticals, telecommunications, and cutting-edge technology. The GTRI research underscores India’s significant reliance on Chinese components, with a significant share of the country’s total imports in this category coming from the import of telecom and smartphone parts. Similarly, the market is dominated by imports of PCs and laptops from China, highlighting the vital role that Chinese manufacturers play in India’s technology ecosystem
Economic Dependency
India’s economic relations with China have come under fire, especially in light of the country’s heavy reliance on Chinese imports in vital industries like pharmaceuticals, telecommunications, and cutting-edge technology. The GTRI research underscores India’s significant reliance on Chinese components, with a significant share of the country’s total imports in this category coming from the import of telecom and smartphone parts. Similarly, Chinese manufacturers play a vital role in India’s technology ecosystem, dominating the market with imports of PCs and laptops from China.
Economic Dependency
India’s economic relations with China have come under fire, especially in light of the country’s heavy reliance on Chinese imports in vital industries like pharmaceuticals, telecommunications, and cutting-edge technology. The GTRI research underscores India’s significant reliance on Chinese components, with a significant share of the country’s total imports in this category coming from the import of telecom and smartphone parts. Similarly, Chinese manufacturers dominate the market with imports of PCs and laptops from China, highlighting their vital role in India’s technology ecosystem.
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