Categories: Business

US emerges as India’s biggest trading partner in FY23 at $128.55 bn; China at second position

According to provisional data from the commerce ministry, the bilateral trade between India and the United States has risen by 7.65% to reach $128.55 billion in the fiscal year 2022-23, making the United States India’s largest trading partner. This represents an increase from $119.5 billion in the previous year and $80.51 billion in 2020-21, indicating a growing economic relationship between the two countries.

Increase in import is more than that of exports:

As per the data, exports from India to the United States increased by 2.81% to $78.31 billion in the fiscal year 2022-23, compared to $76.18 billion in 2021-22, while imports from the US surged by around 16% to $50.24 billion.

India-China Trade:

Meanwhile, India’s bilateral trade with China decreased by approximately 1.5%, reaching $113.83 billion in 2022-23, down from $115.42 billion in the previous year.

In the fiscal year 2022-23, India’s exports to China decreased by roughly 28% to $15.32 billion, while imports from China rose by 4.16% to $98.51 billion, leading to a wider trade gap of $83.2 billion compared to $72.91 billion in 2021-22.

India-US: Increasing Economic Ties:

However, experts believe that the trend of increasing bilateral trade with the US will continue as both countries are focused on strengthening their economic ties. The export of goods like pharmaceuticals, engineering, and gems and jewellery is reportedly driving India’s shipments to the US.

In 2022-23, India had a trade surplus of $28 billion with the US, which is one of the few countries where India has a trade surplus.

Top Trading Partners of India:

According to the data, China was India’s top trading partner from 2013-14 to 2017-18 and again in 2020-21. Prior to China, the UAE was India’s largest trading partner. As of 2022-23, the UAE, with $76.16 billion, was India’s third-largest trading partner, followed by Saudi Arabia ($52.72 billion) and Singapore ($35.55 billion).

You may also read this:

Asian Development Bank Commits Rs 150 Crore To Tata Power Delhi Distribution

Find More Business News Here

 

Piyush Shukla

Recent Posts

PV Sindhu Biography- Age, Marriage, Career, Records and Net Worth

PV Sindhu is one of India's most celebrated badminton players, known for her exceptional skills,…

51 mins ago

Top-10 Most Expensive Woods in the World, Check the List

Wood is a natural material used in furniture, tools and decoration. It comes from trees…

1 hour ago

India’s First Bio-Bitumen Stretch Inaugurated by Nitin Gadkari

Union Minister for Road Transport and Highways, Nitin Gadkari, inaugurated India's first bio-bitumen-based National Highway…

1 hour ago

In Which District of Uttar Pradesh is the Tomb of Bahu Begum Located?

The Tomb of Bahu Begum is a historical monument located in Uttar Pradesh. It was…

2 hours ago

List of International Recognition Awards to PM Modi

Prime Minister Narendra Modi has earned numerous international awards over the years, reflecting his diplomatic…

2 hours ago

Third Fastest List-A Century Anmolpreet’s Record Breaking Knock

Punjab's top order batter, Anmolpreet Singh, scripted a history by scoring a third fastest List…

2 hours ago