iNDICA NEWS BUREAU-
Data from India’s Ministry of Commerce and Industry shows that the United States has become the country’s largest trading partner in the 2021-22 fiscal year with bilateral trade reaching $119.42 billion. India’s previous biggest trading partner was China.
According to government data, India’s exports to the US rose to $76.11 billion in 2021-22, a 47.44% rise from the previous year when exports clocked in at $51.62 billion. During the same time, imports were up 49.34% from $29 billion in 2020-21 to $43.31 billion in 2021-22. Thus, the total bilateral trade amounted to $119.42 billion.
India’s major exports to the US include polished diamonds, pharmaceutical products, jewellery, light oil and petroleum, frozen shrimp and cosmetics. India’s imports from the United States are mainly oil, liquefied natural gas, gold, coal, recycled products and scrap iron, large almonds, etc.
India’s bilateral trade with China in 2021-22 was $115.42 billion, an increase of 33.58% from the previous year’s $86.4 billion.
Exports to China amounted to $21.25 billion, while India’s imports from China were $94.16 billion.
Experts believe that India’s dependence on China for imports of manufactured goods shows no sign of easing.
Chinese data shows that China is India’s largest trading partner from 2013-2014 to 2017-2018 and then again in 2020-2021. In addition to China, the US and the UAE were once India’s largest trading partners.
US overtakes China to become India’s largest trade partner
