America was India’s largest trading partner in the first half, China in second place.
[ad_1]
Despite global economic uncertainties and declining exports and imports, America has emerged as India’s largest trading partner in the first half of the current financial year 2023-24. This has come to light in government figures. According to preliminary data from the Commerce Ministry, bilateral trade between India and the US has declined by 11.3 percent to $59.67 billion in April-September, 2023, from $67.28 billion in the same period of the last financial year. Exports to America declined to $38.28 billion in April-September, 2023, from $41.49 billion in the same period last year. Imports from America also declined to $21.39 billion, which was $25.79 billion in the same period last year.
Similarly, bilateral trade between India and China also declined by 3.56 percent to $58.11 billion. Exports to China declined marginally to $7.74 billion in the first half of the current financial year, from $7.84 billion in the same period a year ago. Imports from China also declined to $50.47 billion, which was $52.42 billion in the same period last year. Experts believe that due to weakness in global demand, exports and imports between India and America are declining, but trade growth will soon turn positive. He said that despite this, the trend of increasing bilateral trade with the US will continue in the coming years as India and the US try to further strengthen economic ties.
Confederation of Indian Industry (CII) Chairman of the National Committee on Exports and Imports (EXIM) Sanjay Budhiya had earlier said that Indian exporters need an early resolution for restoration of ‘Generalized System of Preferences’ (GSP) benefits by the US as it would This will help in further promoting bilateral trade. Mumbai-based exporter Khalid Khan said that as per the trend, the US will remain India’s largest trading partner despite global challenges. Ludhiana exporter S. C. Ralhan said that trade between India and America will continue to grow in the coming years.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
