China’s exports are set to decline by nearly 28 per cent to $15.32 billion in 2022-23, while imports are expected to increase by 4.16 per cent to $98.51 billion in the last fiscal. (Representational image)
Exports to the US to grow by 2.81 per cent to USD 78.31 billion in 2022-23, as against USD 76.18 billion in 2021-22.
The US has emerged as India’s largest trading partner in 2022-23 due to growing economic ties between the two countries.
Bilateral trade between India and the US is set to increase by 7.65 per cent to USD 128.55 billion in 2022-23, as against USD 119.5 billion in 2021-22, according to the provisional data of the commerce ministry. It was US$ 80.51 billion in 2020-21.
Exports to the US are set to increase by 2.81 per cent to USD 78.31 billion in 2022-23, as against USD 76.18 billion in 2021-22, while imports are set to increase by nearly 16 per cent to USD 50.24 billion.
On the other hand, during 2022-23, India’s two-way commerce with China is set to decline by about 1.5 per cent to USD 113.83 billion as against USD 115.42 billion in 2021-22.
China’s exports are set to decline by nearly 28 per cent to $15.32 billion in 2022-23, while imports are expected to increase by 4.16 per cent to $98.51 billion in the last fiscal. The trade gap widened to USD 83.2 billion in the last fiscal as against USD 72.91 billion in 2021-22.
Experts believe that bilateral trade with the US will continue to grow in the coming years as New Delhi and Washington look to further strengthen economic ties.
A Sakthivel, president of the Federation of Indian Export Organizations (FIEO), said rising exports of goods such as pharmaceuticals, engineering and gems and jewelery are helping India push its shipments to the US.
He said, ‘The process of increasing trade with America will continue in the coming months as well.’
FIEO Vice President Khalid Khan said that India is emerging as a reliable trading partner and global companies are reducing their dependence only on China for their supplies and expanding business to other countries like India.
“The bilateral trade between India and the US will continue to grow as our exporters are getting good orders from that country,” Khan said.
Rakesh Mohan Joshi, Director, Indian Institute of Plantation Management (IIPM), Bangalore also said that India offers huge business opportunities for the US as India is the world’s third largest consumer market and the fastest growing market economy.
“Major items exported from India to US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups, etc., while major imports from US include petroleum, rough diamonds, Contains liquefied natural gas, gold. Coal, waste and scrap, almonds etc,” Joshi said.
The US is one of the few countries with which India has a trade surplus. In 2022-23, India has a trade surplus of USD 28 billion with the US.
The data showed that China was India’s top trading partner from 2013-14 to 2017-18 and also in 2020-21. Before China, the UAE was the country’s largest trading partner.
In 2022-23, the UAE, with USD 76.16 billion, was India’s third largest trading partner. It was followed by Saudi Arabia (US$52.72 billion) and Singapore (US$35.55 billion).
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
