Highlights:
• US became the biggest trade partner of India
• Bilateral trade between the US and India increased to $119.42 billion in 2021-22
• UAE is the third biggest trade partner of India
US surpassed China to become India’s biggest trading partner in 2021-22, which reflects strengthening economic ties between the two countries India and US.
Data comparing trade between US and India
According to 2021-22 data of the Commerce Ministry, the bilateral trade between the US and India increased to $119.42 billion from $80.51 billion in 2020-21. Exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in 2020-21, while imports increased to $43.31 billion as compared to about $29 billion in 2020-21.
Data comparing India’s two-way commerce with China
During 2021-22 , the data showed that India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21. Exports to China marginally increased to $21.25 billion from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21.Trade gap increased to $72.91 billion in 2021-22 from $44 billion in 2020-21.
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.
Federation of Indian Export Organisations ,Vice President Khalid Khan said that India is emerging as a trusted trading partner and global firms are reducing their dependence only on China for their supplies and are diversifying business into other countries like India.
UAE third largest trading partner of India
In 2021-22, the UAE with $72.9 billion became the third largest trading partner of India, followed by Saudi Arabia ($42,85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
India had trade surplus of $32.8 billion with US
“In the coming years, the bilateral trade between India and the US will continue to grow. India has joined a US led initiative to set up an Indo-Pacific Economic Framework and this move would help boost economic ties further,” Khalid Khan said. America is one of those few countries with which India has a trade surplus. In 2021-22, India had a trade surplus of $32.8 billion with the US.
