The US exceeds China to become India’s main trading partners in 2021-22, which reflects the strengthening of economic ties between the two countries.
According to data from the Ministry of Trade, in 2021-22, bilateral trade between the US and India reached $ 119.42 billion compared to $ 80.51 billion in 2020-21.
Exports to the US increased to $ 76.11 billion in 2021-22 from $ 51.62 billion in the previous fiscal year, while imports rose to $ 43.31 billion compared to around $ 29 billion in 2020-21.
During 2021-22, India’s two-way trading with China was collected at $ 115.42 billion compared to $ 86.4 billion in 2020-21, data showed.
Exports to China increased slightly to $ 21.25 billion in fiscal years ago from $ 21.18 billion in 2020-21, while imports jumped to $ 94.16 billion from around $ 65.21 billion in 2020-21. The trade gap rose to $ 72.91 billion in 2021-22 of $ 44 billion in the previous fiscal year.
Trade experts believe that the trend in increasing bilateral trade with the US will continue in the coming years as well as New Delhi and Washington are involved in further strengthening economic relations.
Indian export organization Vice President Khalid Khan said India emerged as a trusted trading partner and a global company reduced their dependence on China for their supply and was diversifying businesses to other countries such as India.
In the coming years, bilateral trade between India and the US will continue to grow. India has joined the initiative led by the U.S. to establish the Indo-Pacific Economic Framework (IPEF) and this step will help improve further economic ties,” said Mr. Khan .
Rakesh Mohan Joshi, Director of the Indian Plantation Management Institute (IIPM), Bangalore, also said that India is home to 1.39 billion people with the third largest consumer market in the world and the fastest growing market economy with unmatched demographic dividends provides great opportunities for They are US and Indian companies for technology, manufacturing, trade and investment transfer.
The main export goods from India to the US include diamonds that are polished petroleum, pharmaceutical products, jewelry, light oil and petroleum, frozen shrimp, made -made etc. while the main imports of the US include petroleum, coarse diamonds, natural gas that is melted , gold, coal, gold, waste and memo, almonds, etc., “said Mr. Joshi.
America is one of the few countries that has a surplus of Indian trade.
In 2021-22, India had a trading surplus of $ 32.8 billion with the U.S.
Data shows that China is a Top India trading partner from 2013-14 to 2017-18 and also in 2020-21. Before China, UAE was the largest trading partner in the country.
In 2021-22, UAE with $ 72.9 billion, was India’s third largest trading partner. It was followed by Saudi Arabia ($ 42.85 billion), Iraq ($ 34.33 billion) and Singapore ($ 30 billion).
