US India's top trade partner in first half of the year; max deficit with China
United States has emerged as India's top trading partner in January-June this year, while the country has recorded its highest trade deficit of $41.6 billion with China during the period, think tank Global Trade Research Initiative (GTRI) said Friday.
India exports goods to 239 countries of which 126 countries showed positive growth in exports. Imports from Russia grew to $34.4 billion from $30.8 billion, a 11.65% increase.
It also said the country's merchandise exports rose 5.41% to $230.51 billion during the first half of 2024, led by sectors like iron ore, pharmaceuticals, precious stones, basmati rice, chemicals, and smartphones.
Major countries with increased exports include the USA, UAE, the Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6% of India's exports, with notable declines in Italy, Belgium, Nepal, and Hong Kong.
In the first half of 2024, China remained the largest import supplier, with imports increasing from $46.2 billion to $50.1 billion.
«India should continue to focus on increasing product quality and supply chain competitiveness. Since every big country is into inward mode, India should not surrender its policy space especially in new issues in free trade agreements and Indo-Pacific Economic Framework,» said GTRI founder Ajay Srivastava.
On the services front, exports grew 6.9% to $178.2 billion, while the imports rose 5.79% to $95 billion.
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