The US was India’s largest trading partner for four consecutive years till 2024-25.
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India’s exports to China rose 36.66 per cent to USD 19.47 billion during the last fiscal year, while imports increased 16 per cent to USD 131.63 billion. The trade deficit swelled to an all-time high of USD 112.6 billion in 2025-26 as against USD 99.2 billion in 2024-25.
On the other hand, the country’s outbound shipments to the US grew marginally 0.92 per cent to USD 87.3 billion during the last fiscal year, while imports increased 15.95 per cent to USD 52.9 billion. The trade surplus declined to USD 34.4 billion in 2025-26 from USD 40.89 billion in 2024-25.
According to commerce ministry data, China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country’s largest trading partner. The US has been the largest partner since 2021-22.
The major trading partners with which India recorded negative exports growth in 2025-26 include the Netherlands, the UK, Singapore, Bangladesh, Saudi Arabia, Australia, France, South Africa, and Malaysia.However, exports to the UAE, Germany, Hong Kong, Italy, Nepal, Brazil, Spain, Belgium, and Vietnam registered positive growth last fiscal year.
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The major trading partners with which India recorded negative imports growth in 2025-26 include Russia, Iraq, Indonesia, Australia, Qatar, and Taiwan.
However, imports from the UAE, Saudi Arabia, Hong Kong, Switzerland, Singapore, Japan, Korea, Germany, Thailand, and Malaysia registered positive growth in the last fiscal year.