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The United States has surpassed China to turn India’s top trading partner in 2021-22, according to Indian commerce ministry data, which showed US-India bilateral trade was worth $119.42 billion in the fiscal against $80.51 billion in 2020-21. Exports to the United States increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal, while imports rose to $43.31 billion compared to $29 billion in 2020-21.
During fiscal 2021-22, India’s two-way commerce with China aggregated at $115.42 billion compared to $86.4 billion in 2020-21, the data showed.
The United States has surpassed China to turn India’s top trading partner in 2021-22, according to Indian commerce ministry data, which showed US-India bilateral trade was worth $119.42 billion in the fiscal against $80.51 billion in 2020-21. Exports to the United States increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal.
Exports to China marginally increased to $21.25 billion in the last fiscal from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21. Trade gap rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal.
The United States is one of the few countries with which India has a trade surplus. In fiscal 2021-22, India had a trade surplus of $32.8 billion with it.
The ministry statistics showed China was India’s top trading partner from fiscal 2013-14 till 2017-18 and also in 2020-21. Before China, the United Arab Emirates 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).
Fibre2Fashion News Desk (DS)
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