US Now Indias Largest Trading Partner In The Fiscal Year 2022

By siliconindia   |   Thursday, 09 June 2022, 00:51 Hrs
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US Now Indias Largest Trading Partner In The Fiscal Year 2022

 

Exports to the US increased to USD 76.11 billion in 2021-22 from USD 51.62 billion in the previous fiscal year, while imports rose to USD 43.31 billion as compared to about USD 29 billion in 2020-21.

FREMONT, CA: In 2021-22, the United States replaced China as India's biggest trading partner, indicating the two countries' growing economic connections. According to data from the commerce ministry, bilateral trade between the United States and India reached USD 119.42 billion in 2021-22, up from USD 80.51 billion in 2020-21. Exports to the United States soared to USD 76.11 billion in 2021-22, up from USD 51.62 billion the previous fiscal year, while imports increased to USD 43.31 billion, up from USD 29 billion the previous fiscal year. According to the statistics, India's two-way trade with China was USD 115.42 billion in 2021-22, up from USD 86.4 billion in 2020-21.

In the previous fiscal year, exports to China rose marginally to USD 21.25 billion, up from USD 21.18 billion in 2020-21, while imports increased to USD 94.16 billion, up from USD 65.21 billion in 2020-21. In 2021-22, the trade deficit increased to USD 72.91 billion, up from USD 44 billion the previous fiscal year. As New Delhi and Washington endeavor to deepen their economic connections, trade analysts anticipate that the trend of rising bilateral trade with the US would continue in the coming years. Vice President of the Federation of Indian Export Organizations, Khalid Khan, stated that India is establishing itself as a reliable trading partner and that global companies are expanding their supply chains outside China.

One of the few countries India maintains a trade surplus is the United States. India had a trade surplus of USD 32.8 billion with the United States in 2021-22. The data shows that China was India's top trading partner from 2013-14 to 2017-18 and repeatedly in 2020-21. Before China, the UAE was the UAE's most important commercial partner. With a trade surplus of USD 72.9 billion in 2021-22, the UAE was India's third-largest trading partner. Saudi Arabia (USD 42,85 billion) and Iraq (USD 42,85 billion) came in second and third, respectively.