China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce, narrowly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.According to the report, India's exports to China rose by 8.7 per cent to $16.67 billion in the last fiscal. The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum.Meanwhile, exports to the US dipped by 1.32 per cent to $77.5 billion in 2023-24 as against $78.54 billion in 2022-23, while imports dipped by about 20 per cent to $40.8 billion, the report showed.This growth in imports led to an expanding trade deficit, rising from USD 53.57 billion in FY2019 to USD 85.09 billion in FY2024, highlighting concerns over stagnant exports amidst rising imports, GTRI Founder Ajay Srivastava said.Trade with the US showed growth, with exports increasing significantly by 47.9 per cent from $52.41 billion to $77.52 billion, said the report.In 2023-24, the UAE with USD 83.6 billion, was the third largest trading partner of India. It was followed by Russia, Saudi Arabia and Singapore.