US | India US becomes India's top trading partner, surpasses China
New Delhi: The USA has surpassed China to become India's top trading partner in 2021-22, indicating a strengthening of bilateral ties between the two nations.
According to the commerce ministry data, in 2021-22, the US-India bilateral trade stood at $119.42 billion compared to $80.51 billion in 2020-21.
Exports to the US rose to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal year, while imports jumped to $43.31 billion as compared to about $29 billion in 2020-21.
In the financial year 2021-22, India's trade with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.
Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21. The balance of trade was in favour of China by $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.
Trade 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.
America is one of the few countries with which India has a trade surplus.
In 2021-22, India had a trade surplus of $32.8 billion with the US.
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