Ernst & Young's website on September 25 stated that India's trade with the US and China presents a completely different pattern. Data shows that in the fiscal year 2024-25, the US accounted for nearly one-fifth of India's goods exports, making it India's largest export market, while China accounted for only 3.3%, but was India's largest import source, accounting for 15.7%—India's goods trade deficit with China reached as high as 99.2 billion USD, expanding nearly 150 times compared to 6.7 billion USD in the fiscal year 2000-01. At the same time, India maintained a goods trade surplus with the US, increasing from 6.3 billion USD to 40.8 billion USD. In terms of service trade, the US mainly imports telecommunication services and computer services from India, while its exports to India mainly consist of tourism and intellectual property. In 2024, India accounted for 4.2% of the global export share, while the US remains its largest partner, with the US accounting for 11.1% and 15.5% of India's service exports and imports respectively. However, in recent years, India's service trade surplus with the US has significantly narrowed, even resulting in a small deficit. In terms of goods trade, India's exports to the US mainly include electrical machinery, gems, and pharmaceuticals, while its main imports are mineral fuels, machinery, and medical equipment. By contrast, India's main exports to China are ores, mineral fuels, and chemicals, while its main imports from China are electrical machinery and machinery. To this end, on one hand, India should steadily expand trade with the US and achieve trade balance, aiming to reach a trade volume of 500 billion USD between India and the US by 2030, including a total of 250 billion USD in India's exports of goods and services to the US; to increase imports from the United States, India may need to significantly increase its imports of crude oil, natural gas, and defense products from the US. On the other hand, it emphasizes expanding trade exchanges within the "BRICS Plus" to achieve diversified export destinations and import sources.

Original: www.toutiao.com/article/1844398710500352/

Statement: This article represents the views of the author.