Mint Primer: How China beat the US to No.1 in trade with India

News Snapshot:

In FY24, China overtook the US to become India’s largest trading partner after a gap of two years. Mint looks at how trade between the two Asian giants has evolved and why it is proving to be so difficult for India to decouple itself from its neighbour. How big are India’s trade ties with China? In FY24, bilateral trade grew 4% to $118.4 billion from $113.8 billion in FY23. India-US trade in the same period declined by 8.6% to $118.3 billion. Trade between the Asian giants has grown robustly in the past five years from around $80 billion. India-China and...