The US Becomes Indias Largest Trading Partner in FY23

By siliconindia   |   Tuesday, 18 April 2023, 14:24 IST
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The US Becomes Indias Largest Trading Partner in FY23

The US has emerged as the largest potential trading partner of India, valuing up to 128.55 billion in the financial year 2022-2023.                           

With the economic ties between India and the US strengthening vigorously, the latter has emerged as the biggest trading partner for India in the current financial year. The commercial ministry has stated that the bilateral trade between the two nations has increased by nearly 7.65 percent to about 128.55 billion USD in 2022-2023, unlike the previous fiscal years which was valued at 119.5 billion USD and 80.51 billion USD.

Similarly, exports to the US rose by 2.81 percent from 76.18 billion USD to 78.31 billion USD in the current fiscal year, alongside imports that grew by 16 percent to about 50.24 billion USD. This seamless rise in bilateral trade between both the democratic nations is soaring critically and is anticipated to stay, especially with the combined engagement of New Delhi and Washington, strengthening the economic ties.

The Federation of Indian Export Organizations (FIEO) President A Sakthivel has affirmed that the rising export of goods in pharmaceutical, engineering, gems, and jewelry is assisting India in pushing its shipments to America. He added that the trend in elevated trade practice between India and the US is expected to remain an upsurge in the upcoming years.

The director of the Indian Institute of Plantation Management (IIPM), Bangalore, Rakesh Mohan Joshi has underlined that India is providing huge trade opportunities for the US as the World’s third largest consumer market, with a fast-growing market economy. India faces a trade surplus with the US of about 28 billion USD in 2022-2023, yet has managed to emerge as a potential trade partner mutually. The UAE, which served as India’s largest trading partner in its early years, accounts for nearly 76.16 billion USD in the current fiscal year, thereby, emerging as the third largest partner of India in 2022-2023, followed by Saudi Arabia and Singapore, valuing at 52.72 billion USD and 35.55 billion USD.