US Becomes India’s Largest Trading Partner Surpassing China

New Delhi: In 2022-23, America became India’s largest trading partner hinting at the strengthening of economic ties between the two countries.

The provisional data of the Commerce Ministry states that the bilateral trade between India and the US has increased by 7.65 per cent to $128.55 billion in 2022-23. It was $119.5 billion in 2021-22 and $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.

But during the same period, India’s commerce with China declined by about 1.5 per cent to $113.83 billion in 2022-23. It was $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.

Increasing exports of goods such as pharmaceutical, gems and jewellery were helping India to push its exports to America.