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 USD 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 USD 230.51 billion during the first of 2024.

“China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 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.

“The US is India's top export partner. Exports to the US increased from USD 37.7 billion in January-June 2023 to USD 41.6 billion in January-June 2024, reflecting a growth of 10.5 per cent. The UAE saw a significant rise in exports, increasing from USD 15.8 billion to USD 19.7 billion, marking a 24.9 per cent growth,” it said.

In the first half of 2024, China remained the largest import supplier, with imports increasing from USD 46.2 billion to USD 50.1 billion.

“In FY2024, China was India's top trading partner, just ahead of the US. However, from January to June 2024, the US became India's largest trading partner, with total trade growing from USD 59.4 billion to USD 62.5 billion, a 5.3 per cent increase,” GTRI Founder Ajay Srivastava said.

China followed as the second-largest trading partner, with total trade rising from USD 54.4 billion to USD 58.6 billion, marking a 7.7 per cent increase.