NEW DELHI, APRIL 16 : Bilateral trade between India and the Unites States rose by as much as 8 percent to USD 128.55 billion in 2022-23, compared to USD119.5 billion in 2021-22.
Given that, as per data from the Commerce Ministry, bilateral trade between the two countries was only USD 80.51 billion in 2020–21, the growth is noteworthy.
In 2022–23, exports to the US increased by 2.81 percent to USD 78.31 billion from USD 76.18 billion, while imports increased by almost 16 percent to USD 50.24 billion.
Likewise, India's bilateral trade with China decreased by 1.5 percent in 2022–2023 from USD 115 billion in 2021–2022 to USD 114 billion.
In 2022–2023, exports to China decreased by 28% to USD 15.32 billion, while imports increased by 4% to USD 98.51 billion.
India's largest trading partner is the USA and it is also one of the few countries with which India had a trade surplus.. India's major exports to the US include gems and jewellery, pharmaceutical products, light crude oil and petroleum, electrical and electronics goods, engineering products, apparel, frozen marine products, and others.
IMFC chair: The outlook for the world economy is more uncertain
