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China has surpassed USA to become India’s largest trading partner in FY24, with a two-way commerce value of $118.4 billion. This significant shift in trade dynamics is attributed to a notable increase in India’s exports to China, which rose by 8.7% to reach $16.67 billion. Key sectors such as iron ore, cotton yarn/fabrics/made-ups, handloom, spices, fruits and vegetables, plastic, and linoleum contributed to this growth.

In contrast, India’s exports to the US dipped by 1.32% to $77.5 billion. The Global Trade Research Initiative (GTRI) highlighted significant transformations in India’s trade dynamics with its top 15 trading partners, impacting both exports and imports. This development underscores the evolving nature of India’s international trade relationships[1][2][3][4][5].

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