U.S. surpasses China as India's biggest trading partner in FY22 at $119.42 bn
The Hindu
Imports and exports to the U.S. increased.
The U.S. surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries.
According to the data of the commerce ministry, in 2021-22, the bilateral trade between the U.S. and India stood at $ 119.42 billion as against $80.51 billion in 2020-21.
Exports to the U.S. increased to $76.11 billion in 2021-22 from $51.62 billion in previous fiscal year, while imports rose to $ 43.31 billion as compared to about $29 billion in 2020-21.
During 2021-22, India's two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.
Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21. Trade gap rose to $72.91 billion in 2021-22 from $44 billion in previous fiscal year.
Trade 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.