2022 © Made byExampur
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.
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
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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