The United Stateshas emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
As per provisional data of the commerce ministry, the bilateral trade between India and the US has increased by 7.65 percent to USD 128.55 in 2022-23 as against USD 119.5 billion in 2021-22. It was USD 80.51 billion in 2020-21. Exports to the US rose by 2.81 percent to USD 78.31 billion in 2022-23 as against USD 76.18 billion in 2021-22, while imports grew by about 16 percent to USD 50.24 billion, the data showed.
On the other hand, during 2022- 23, India's two-way commerce with China declined by about 1.5 percent to USD 113.83 billion as against USD 115.42 billion in 2021- 22. Exports to China dipped by about 28 percent to USD 15.32 billion in 2022-23, while imports rose by 4.16 percent to USD 98.51 billion in the last fiscal. Trade gap widened to USD 83.2 billion in the last fiscal as against USD 72.91 billion in 2021-22.
Experts believe that the trend of increasing bilateral trade with the US will continue in the coming years also as New Delhi and Washington are engaged in further strengthening the economic ties. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that increasing exports of goods such as pharmaceuticals, engineering and gems and jewellery is helping India to push its shipments to America. FIEO Vice President Khalid Khan said India is emerging as a trusted trading partner and global firms are reducing their dependence on China for their supplies and are diversifying business into other countries like India.
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