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  • DAILY CURRENT AFFAIRS:U.S. becomes India’s biggest trading partner at $119 billion

U.S. becomes India’s biggest trading partner at $119 billion

Tags: Economics/Business International News

In the year 2021-22, the US overtook China to become India's top trading partner, reflecting strong economic ties between the two countries.

  • As per commerce ministry data, bilateral trade between the US and India stood at $119.42 billion in 2021-22, as against $80.51 billion in 2020-21.

  • India's exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal While imports increased to $43.31 billion in 2020-21 as compared to about $29 billion.

  • During 2021-22, India's two-way trade with China stood at $115.42 billion as compared to $86.4 billion in 2020-21.

  • During 2021-22, India's two-way trade with China stood at $115.42 billion as compared to $86.4 billion in 2020-21.

  • 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. 

  • The trade gap widened to $72.91 billion in 2021-22 from $44 billion in the previous fiscal.

  • Reason of increasing bilateral trade with the US

  • Strengthening of economic ties between the two countries.

  • Global firms are reducing their dependence only on China for their supplies and diversifying business to other countries such as India.

  • India has joined the US-led initiative to establish the Indo-Pacific Economic Framework (IPEF) and the move will further boost economic ties.

  • Major export items from India to the US 

  • Petroleum polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc.

  • Major import items from US to India

  • Petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc

  • Important facts 

  • China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21.

  • Before China, UAE was India's largest trading partner.

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