New Delhi: The US 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, bilateral trade between the US and India stood at $119.42 billion in 2021-22, 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, while imports increased to $43.31 billion in 2020-21, compared to about $29 billion.
The data shows that during 2021-22, India’s two-way commerce with China stood at $115.42 billion, compared to $86.4 billion in 2020-21.
Exports to China increased marginally to $21.25 billion in the previous fiscal from $21.18 billion in 2020-21, while imports increased from about $65.21 billion in 2020-21 to $94.16 billion. The trade gap widened to $72.91 billion in 2021-22 from $44 billion in the previous fiscal.
Trade experts believe that bilateral trade with the US will continue to grow in the coming years as New Delhi and Washington continue to strengthen economic ties.
Khalid Khan, Vice President, Federation of Indian Export Organizations said that India is emerging as a reliable trading partner and global companies are reducing dependence on only China for their supplies and expanding business to other countries like India .
“In the years to come, bilateral trade between India and the US will continue to grow. India has joined the US-led initiative to establish an Indo-Pacific Economic Framework (IPEF) and the move will further boost economic ties. will gain help in.” Khan said.
Rakesh Mohan Joshi, Director, Indian Institute of Plantation Management (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 unparalleled demographic dividend. provides. US and Indian firms for technology transfer, manufacturing, trading and investment.
“The major export items from India to the US include petroleum polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups, etc., while major imports from the US include petroleum, crude diamonds, liquefied natural gas, This includes 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 2021-22, India had a trade surplus of $32.8 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 2021-22, the United Arab Emirates was India’s third largest trading partner with $72.9 billion. It is followed by Saudi Arabia ($42.85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
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