The United States has become India’s largest trading partner, overtaking China, according to the country’s Department of Commerce.
“According to the Department of Commerce, in 2021-2022, bilateral trade between the United States and India amounted to $119.42 billion compared to $80.51 billion in 2020-2021. <…> During 2021-2022, the volume of India’s bilateral trade with China amounted to $115.42 billion compared to $86.4 billion in 2020-2021,” the ministry said.
At the same time, exports to the United States in 2021-2022 increased to $76.11 billion from $51.62 billion in the previous fiscal year, while imports rose to $43.31 billion, compared with about $29 billion in 2020-2020. 2021.
In turn, India’s exports to China increased marginally to $21.25 billion from $21.18 billion in 2020-2021, while imports rose to $94.16 billion from about $65.21 billion. same period.
Trade experts believe that the upward trend in India’s bilateral trade with the US will continue in the coming years as New Delhi and Washington work to further strengthen economic ties. India’s main exports to the US are pharmaceuticals, jewelry, light oils and petroleum products, frozen shrimp, prepared foods, and so on, while US imports include oil, rough diamonds, liquefied natural gas, gold, coal, almonds. and so on.