According to the data of the Union Ministry of Commerce, United States remained India’s top trading partner for the second consecutive fiscal in 2019-20. The recently released data shows increasing economic ties between the two nations. As per the data, the bilateral trade between the US and India has increased from $87.96 billion in 2018-19 to $88.75 billion in the fiscal year 2019-20. China was India’s top trading partner since 2013-14 to 2017-18.
The data released by the Union Ministry of Commerce indicates that US is one of the few countries with which India has a trade surplus as the trade gap between the countries has increased from $16.86 billion in 2018-19 to $17.42 billion in 2019-20. Latest data also revealed that the bilateral trade between India and China has dipped from $87.08 billion in 2018-19 to $81.87 billion in 2019-20.
Important takeaways for all competitive exams:
- Union Minister of Commerce and Industry: Piyush Goyal.