US Overtakes China as India’s Largest Trading Partner in FY22

US Overtakes China as India’s Largest Trading Partner in FY22

• The United States overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries. According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21. Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 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. The trade gap rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.

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Published date : 01 Jun 2022 06:14PM