Latest News | China Top Import Source for India During Apr-Oct 2024: Commerce Min Data
Get latest articles and stories on Latest News at LatestLY. China was India's top import source with USD 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.
New Delhi, Nov 14 (PTI) China was India's top import source with USD 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.
Exports to China, however, dipped by 9.37 per cent to USD 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 USD 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.
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Imports from Russia rose by 8.85 per cent to USD 38.8 billion during April-October this fiscal from USD 35.65 billion a year ago.
Similarly, the inbound shipments from the UAE rose by 55.12 per cent to USD 38.64 billion from USD 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 USD 18 billion during April-October 2023 to USD 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 USD 7.18 billion, while exports grew by 43.32 per cent to USD 3.72 billion.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)