In 2022-23, the economic relationship between India and the US has strengthened, resulting in the US becoming India's largest trading partner.
India-US bilateral trade rose by 7.65 per cent to $128.55 billion in 2022-23, per provisional data from the Commerce Ministry. This is an uptick from $119.5 billion in 2021-22 and a significant leap from $80.51 billion in 2020-21.
In the 2022-23 fiscal year, exports to the US increased 2.81 per cent to reach $78.31 billion, while imports grew about 16 per cent to $50.24 billion, according to data.
India's two-way commerce with China in 2022-23 decreased by 1.5 per cent to $113.83 billion, compared to $115.42 billion in 2021-22.
In the 2022-23 fiscal year, exports to China decreased by around 28 per cent, resulting in $15.32 billion, whereas imports increased by 4.16 per cent landed on $98.51 billion. This caused the trade gap to expand to $83.2 billion, which is up from $72.91 billion recorded in 2021-22.
Among the nations with which India trades, the US is one of the few countries with which India maintains a trade surplus. In 2022-23, India's trade surplus with the US amounted to $28 billion.
Experts anticipate continued growth in bilateral trade between the US and India as they work towards strengthening their economic ties.
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that increasing exports of goods such as pharmaceutical, engineering and gems and jewellery is helping India to push its shipments to America, reported PTI.
According to the data, China held the position of India's primary trading partner from 2013-14 until 2017-18 and also in 2020-21. Prior to China, the UAE was India's biggest trading partner.
India's third-largest trading partner in 2022-23 was the UAE, with a trading volume of $76.16 billion, while Saudi Arabia and Singapore followed closely with trading volumes of $52.72 billion and $35.55 billion, respectively.
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