The US surpassed China and became India’s biggest trading partner with $119.42 billion for the fiscal years 2021–2021, compared with $80.51 billion in 2020–2021. With a trade deficit of $72.9 billion with China, India’s trade surplus accounted for $32.7 billion with the US.
According to the data, a major increase was seen in exports, which amounted to $76,111.33 billion in 2021–2022 from $51.62 billion in 2020–21 and imports rose from $29 billion in 2020–21 to $43.31 billion. Meanwhile, India’s merchandise exports reached a new record high in April by crossing $40 billion, representing a 30% increase over April 2021.
The annual trade between the US and China was $115.42 billion in 2021–2022 compared to $86.4 billion in 2020–2021, in which exports showed a marginal increase from $21.18 billion to 21.25 billion. However, imports rose from $65.21 billion in 2020–2021 to $94.16 billion in 2021–2022.
The data reflects the deepening trade ties and growing bilateral trade between India and the US in the coming years. Both nations are focusing on strengthening their economic ties.
From 2013 to 2021, China was India’s biggest trading partner, and before that, the UAE was India’s biggest trading partner.