iNDICA NEWS BUREAU-
The United States of America (USA) has left China behind becoming India’s top trading partner in 2021-22, reported several Indian media houses on Sunday.
According to the reports, in 2021-22, the bilateral trade between the US and India increased by a whopping $38.91 billion from 2020-21.
In 2021-22, the total amount of India’s two-way commerce with the US stood at $119.42 billion as against $80.51 billion in 2020-21.
Exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal year, while imports rose to $43.31 billion as compared to about $29 billion in 2020-21.
Our people-to-people ties & strong economic cooperation make India-US partnership unique. Our trade & investment relations are also steadily on the rise but they’re below our potential, the news agency ANI quoted Indian Prime Minister Narendra Modi on Twitter on May 24.
On the other hand, India’s bilateral trade with China stood at $115.42 billion as compared to $86.4 billion in 2020-21, media reports further stated citing the data of the Commerce Ministry.
In 2021-22, the UAE was the third-largest trading partner of India with $72.9 billion.
Saudi Arabia ($42,85 billion) was the fourth-largest followed by Iraq ($34.33 billion) and Singapore ($30 billion).