NEW DELHI: The US has emerged as India’s biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
According to the provisional data of the Commerce Ministry, the bilateral trade between India and the US has increased by 7.65 per cent to $128.55 billion in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.
Exports to the US rose by 2.81 per cent to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16 per cent to $50.24 billion, the data showed.
During 2022-23, India’s two-way commerce with China declined by about 1.5 per cent to $113.83 billion as against $115.42 billion in 2021-22.
Exports to China dipped by about 28 per cent to $15.32 billion in 2022-23, while imports rose by 4.16 per cent to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $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 increasing exports of goods such as pharmaceutical, gems and jewellery were helping India to push its shipments to America. “The trend of increasing trade with the US will continue in the coming months also,” he said.
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.”