US emerges as India’s biggest trading partner in FY23 at $128.55 bn; China at second position
US emerges as India’s biggest trading partner in FY23 at $128.55 bn; China at second position: According to preliminary commerce ministry figures, bilateral trade between India and the United States increased by 7.65% to $128.55 billion in fiscal year 2022-23, making the US India’s largest trading partner. This represents an increase from $119.5 billion in the previous year and $80.51 billion in 2020-21, indicating a growing economic relationship between the two countries.
April 2023 Current Affairs Quiz
Increase in import is more than that of exports:
As per the data, exports from India to the United States increased by 2.81% to $78.31 billion in the fiscal year 2022-23, compared to $76.18 billion in 2021-22, while imports from the US surged by around 16% to $50.24 billion.
India-China Trade:
Meanwhile, India’s bilateral trade with China decreased by approximately 1.5%, reaching $113.83 billion in 2022-23, down from $115.42 billion in the previous year.
In the fiscal year 2022-23, India’s exports to China decreased by roughly 28% to $15.32 billion, while imports from China rose by 4.16% to $98.51 billion, leading to a wider trade gap of $83.2 billion compared to $72.91 billion in 2021-22.
India-US: Increasing Economic Ties:
Experts anticipate that the trend of increased bilateral commerce with the US would continue as both nations focus on strengthening their economic ties. The export of goods like pharmaceuticals, engineering, and gems and jewellery is reportedly driving India’s shipments to the US.
In 2022-23, India had a trade surplus of $28 billion with the US, which is one of the few countries where India has a trade surplus.
Top Trading Partners of India:
According to the data, China was India’s top trading partner from 2013-14 to 2017-18 and again in 2020-21. Prior to China, the UAE was India’s largest trading partner. As of 2022-23, the UAE, with $76.16 billion, was India’s third-largest trading partner, followed by Saudi Arabia ($52.72 billion) and Singapore ($35.55 billion).