America becomes India’s largest trading partner in 2022-23, China in second place

New Delhi: America has become India’s largest trading partner in the last financial year 2022-23. Trade between the two countries stood at $128.55 billion during this period. This shows that the economic relations between the two countries are getting stronger. According to the provisional data of the Ministry of Commerce, the bilateral trade between India and the US is expected to increase by 7.65 percent to $ 128.55 billion in 2022-23. In the previous financial year (2021-22), the bilateral trade of the two countries was $ 119.5 billion, while in 2020-21 it was only $ 80.51 billion.

According to the data, exports from India to the US are set to grow by 2.81 per cent to $78.31 billion in FY 2022-23 from $76.18 billion in 2021-22. Imports from America in India increased by 16 percent to $ 50.24 billion during this period. On the other hand, trade in India-China declined by 1.5 percent to $ 113.83 billion in 2022-23, from $ 115.42 billion in the previous year. Exports from India to China are set to decline by 28 per cent to $15.32 billion in 2022-23, while imports are expected to grow by 4.16 per cent to $98.51 billion. India’s trade deficit with China is set to increase to $83.2 billion in 2022-23 from $72.91 billion in the previous year. Experts believe that the trend of increasing bilateral trade with the US will continue in the coming years. Along with this, India and America are continuously working to further strengthen the economic ties.