China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce.

❖ It narrowly edging past the US, according to the data of economic think tank GTRI.

❖ The bilateral trade between India and the US stood at $118.3 billion in 2023-24.

❖ India's exports to China rose by 8.7 per cent to $16.67 billion in the last fiscal.

❖ The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum.

❖ Meanwhile, exports to the US dipped by 1.32 per cent to $77.5 billion in 2023- 24 as against $78.54 billion in 2022-23, while imports dipped by about 20 per cent to $40.8 billion