According to the Global Trade Research Initiative (GTRI), the United States became India’s primary trading partner in the first half (H1) of this year. At the same time, India experienced its largest trade deficit of USD 41.6 billion with China during this period.

The GTRI also reported that India’s merchandise exports increased 5.41% to USD 230.51 billion in the first half of 2024.

China led the rankings with a significant trade deficit of USD 41.6 billion. From January to June 2024, India’s exports to China amounted to USD 8.5 billion, while imports reached USD 50.1 billion.

Data analysis from the Global Trade Research Initiative (GTRI) for the first half of this year revealed that India exported goods to 239 nations, and 126 of these countries experienced export growth. These nations contributed to 75.3% of India’s total exports.

Notable countries with increased exports included the United States, United Arab Emirates, Netherlands, Singapore, and China. However, exports decreased in 98 countries, accounting for 24.6% of India’s exports, with significant declines observed in Italy, Belgium, Nepal, and Hong Kong.

The report highlighted the United States as India’s top export partner, with exports increasing from USD 37.7 billion in January-June 2023 to USD 41.6 billion in January-June 2024, reflecting a growth of 10.5%.

Feeling overwhelmed by the markets? Let Unicorn Signals be your guide. Our user-friendly app simplifies complex data and provides actionable trading signals. Download the app today and trade with confidence!