The US surpassed China to grow to be India’s high trading partner in 2021-22, reflecting strengthening financial ties between the 2 nations.
According to the information of the commerce ministry, in 2021-22, the bilateral commerce between the US and India stood at USD 119.42 billion as in opposition to USD 80.51 billion in 2020-21.
Exports to the US elevated to USD 76.11 billion in 2021-22 from USD 51.62 billion in earlier fiscal year, whereas imports rose to USD 43.31 billion as in comparison with about USD 29 billion in 2020-21.
During 2021-22, India’s two-way commerce with China aggregated at USD 115.42 billion as in comparison with USD 86.4 billion in 2020-21, the information confirmed.
Exports to China marginally elevated to USD 21.25 billion final fiscal year from USD 21.18 billion in 2020-21, whereas imports jumped to USD 94.16 billion from about USD 65.21 billion in 2020-21. Trade hole rose to USD 72.91 billion in 2021-22 from USD 44 billion in earlier fiscal year.
Trade consultants consider that the development of accelerating bilateral commerce with the US will proceed in the approaching years additionally as New Delhi and Washington are engaged in additional strengthening the financial ties.
Federation of Indian Export Organisations Vice President Khalid Khan stated India is rising as a trusted trading partner and world corporations are lowering their dependence solely on China for his or her provides and are diversifying business into different nations like India.
“In the coming years, the bilateral trade between India and the US will continue to grow. India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further,” Khan stated.
Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore, too stated that India is dwelling to 1.39 billion folks with the world’s third largest shopper market and the quickest rising market financial system with unparalleled demographic dividend gives huge alternatives for the US and Indian corporations for know-how switch, manufacturing, commerce and funding.
“Major export items from India to the US include petroleum polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc. whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc,” Joshi stated.
America is without doubt one of the few nations with which India has a commerce surplus.
In 2021-22, India had a commerce surplus of USD 32.8 billion with the US.
The knowledge confirmed that China was India’s high trading partner from 2013-14 until 2017-18 and in addition in 2020-21. Before China, the UAE was the nation’s largest trading partner.
In 2021-22, the UAE with USD 72.9 billion, was the third largest trading partner of India. It was adopted by Saudi Arabia (USD 42,85 billion), Iraq (USD 34.33 billion) and Singapore (USD 30 billion).