China ranked first among India's trading partners in the fiscal year ended March 31. The volume of bilateral trade reached more than $151 billion, while Indian exports increased by 36.6% to $19.47 billion, and imports from China increased to $131.6 billion.
As trade turnover grew, India's trade deficit with China reached a record $112.6 billion. Previously, China had already occupied leading positions in trade with India in different periods, losing them, in particular, to the United Arab Emirates.
Economic ties are growing in the face of external pressure, including the US sanctions policy. An additional factor was the gradual restoration of cross-border trade: the parties resumed cooperation in the Himalayas and are discussing the opening of new trading posts, which contributes to the normalization of relations between Beijing and New Delhi.
