U.S. emerges as India's biggest trading partner in FY23 at $128.55 billion; China at second position
The Hindu
According to the provisional data of the commerce ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.
The U.S. has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
According to the provisional data of the Commerce Ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.
Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion, the data showed.
Also read: India biggest trading partner for U.S., says Treasury Secretary Janet Yellen
On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to $113.83 billion as against $115.42 billion in 2021-22.
Exports to China dipped by about 28% to $15.32 billion in 2022-23, while imports rose by 4.16% to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.
Experts believe that the trend of increasing bilateral trade with the U.S. will continue in the coming years also as New Delhi and Washington are engaged in further strengthening the economic ties.
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