India’s Two Economic Worlds

India’s trade with China and the United States has more than doubled in a decade. China reclaimed its position as India’s largest merchandise trading partner in 2025–26, but America remains by far the bigger market for Indian exports (figures in billions of USD)

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Total bilateral merchandise trade (imports plus exports), in billions of current U.S. dollars. Financial years run from April to March. Figures are reported from India's perspective, exclude services and Hong Kong, and may be revised. Values rounded.

Chart: David AverreSource: India Ministry of Commerce and Industry (DGCIS); Embassy of India, Beijing; India Brand Equity Foundation (IBEF)