US top trading partner, highest trade deficit with China in H1 2024

'India's merchandise exports rose 5.41% to $230.51 bn in 1st half of 2024'

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The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of $41.6 billion with China during the period, according to think tank GTRI.

It also said the country's merchandise exports rose 5.41 per cent to $230.51 billion during the first half of 2024.

"China topped the list with a substantial trade deficit of $41.6 billion, as exports to China were $8.5 billion, while imports reached $50.1 billion during January-June 2024," it added.

The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports.

Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's exports, with notable declines in Italy, Belgium, Nepal, and Hong Kong.