The bilateral trade between the US and India during the financial year 2021-22 stood at $119.42 billion, surpassing China to become India’s top trading partner in the last financial year. India’s trade with China aggregated at $115.42 billion during 2021-22, according to data from the commerce ministry.
India’s two-way commerce with the US in the previous financial year 2022-21 had stood at $80.51 billion. Exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in the previous financial year, while imports rose to $43.31 billion as compared with about $29 billion in 2020-21, according to the data.
India’s bilateral trade with China during 2021-22 stood 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 in the financial year 2021-22 from $21.18 billion in 2020-21. Imports jumped to $94.16 billion as compared with 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.
According to the data, China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country’s largest trading partner. In 2021-22, the UAE with $72.9 billion was the third-largest trading partner of India. It was followed by Saudi Arabia ($42,85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
Trade experts believe that the trend of increasing bilateral trade with the US will continue in the coming years also as New Delhi and Washington are engaged in further strengthening the economic ties.