According to data from the economic research group GTRI, China has overtaken the US to become India's biggest trading partner, with a two-way trade volume of $118.4 billion in the fiscal year 2023–24. During the same period, bilateral trade between the US and India amounted to $118.3 billion.

The shift in trade dynamics marks China as India's primary trading partner, with Indian exports to China increasing by 8.7% to $16.67 billion in the most recent fiscal year. Key industries experiencing robust growth in exports to China include iron ore, plastic, linoleum, spices, cotton yarn/fabrics/madeups, handloom products, fruits and vegetables, and spices.

Previously, India's main trading partner was the US in the fiscal years 2021–2022 and 2022–2023.

While India's imports from neighboring countries rose by 3.24% to $101.7 billion, imports from the US dropped by over 20% to $40.8 billion. Similarly, exports to the US decreased by 1.32% to $77.5 b