The US overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries. According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21. During 2021-22, India’s two-way commerce with China aggregated at US$ 115.42 billion as compared to US$ 86.4 billion in 2020-21, the data showed.
Exports to China increased to US$ 21.25 billion
Exports to China increased marginally to US$ 21.25 billion in the last fiscal from US$ 21.18 billion in 2020-21, while imports increased from around US$ 65.21 billion in 2020-21 to US$ 94.16 billion. The trade gap widened to US$ 72.91 billion in 2021-22 from US$ 44 billion in the previous fiscal.
India’s trade surplus with the US stands at US$ 32.8 billion
The US is one of the few countries with which India has a trade surplus. In 2021-22, India had a trade surplus of US$ 32.8 billion with the US. Trade experts believe that bilateral trade with the US will continue to grow in the coming years as New Delhi and Washington continue to strengthen economic ties.
Top trading partners of India
The data showed that China was India’s top trading partner from 2013-14 to 2017-18 and also in 2020-21. Before China, the UAE was the India’s largest trading partner.
In 2021-22, the United Arab Emirates was India’s third largest trading partner with US$72.9 billion. It is followed by Saudi Arabia (US$ 42.85 billion), Iraq (US$ 34.33 billion) and Singapore (US$ 30 billion).