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In 2021-22, the United States of America (USA) overtook China as India’s biggest trading partner, indicating the two countries’ growing economic connections.
According to figures from the commerce ministry, bilateral trade between the United States and India was $119.42 billion in 2021-22, up from $80.51 billion in 2020-21.
Exports to the United States surged to $76.11 billion in 2021-22, up from $51.62 billion the previous fiscal year, while imports increased to $43.31 billion, up from around $29 billion the previous fiscal year.
According to the research, India’s bilateral trade with China was $115.42 billion in 2021-22, up from $86.4 billion in 2020-21.
Last fiscal year, exports to China climbed slightly to $21.25 billion, up from $21.18 billion in 2020-21, while imports increased to $94.16 billion, up from $65.21 billion in 2020-21. The trade deficit increased from $44 billion in the preceding fiscal year to $72.91 billion in 2021-22.
As New Delhi and Washington work to deepen their economic connections, trade analysts anticipate that the trend of rising bilateral commerce will continue in the coming years.
Khalid Khan, Vice President of the Federation of Indian Export Organizations, said India is establishing itself as a reliable trading partner, and global companies are expanding their supply chains outside China.
“In the coming years, bilateral trade between India and the US is likely to grow. India has agreed to join a plan led by the United States to form an Indo-Pacific Economic Framework (IPEF), which will help deepen economic ties even further.” Mr. Khan claims:
India enjoys a trade surplus with only a few countries, including America.
India’s trade surplus with the United States in 2021-22 was $32.8 billion.
China was India’s top trading partner from 2013-14 to 2017-18, and again in 2020-21, according to the data. Prior to China, the UAE was the UAE’s most important commercial partner.
With $72.9 billion in trade, the UAE was India’s third largest trading partner in 2021-22. Saudi Arabia ($42.85 billion), Iraq ($34.33 billion), and Singapore ($30 billion) came in second and third, respectively.
