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India and the US have been strengthening their economic ties, resulting in an increase in bilateral trade. According to provisional data from the commerce ministry, the bilateral trade between India and the US increased by 7.65% to USD 128.55 billion in 2022-23 as against USD 119.5 billion in 2021-22.
Bilateral Trade with the US:
The data showed that exports to the US rose by 2.81% to USD 78.31 billion in 2022-23, while imports grew by about 16% to USD 50.24 billion. In the last fiscal year, the trade gap between the two countries widened to USD 83.2 billion.
Bilateral Trade with China:
In 2022-23, India's two-way commerce with China declined by about 1.5% to USD 113.83 billion against USD 115.42 billion in 2021-22. Exports to China dipped by about 28% to USD 15.32 billion, while imports rose by 4.16% to USD 98.51 billion in the last fiscal.
Experts' Opinions:
Experts believe that the trend of increasing bilateral trade with the US will continue in the coming years as India and the US continue to strengthen their economic ties. India is emerging as a trusted trading partner, and global firms are reducing their dependence on China for their supplies and diversifying their business into other countries like India.
Top Trading Partners of India:
The UAE was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. In 2022-23, the UAE, with USD 76.16 billion, was the third-largest trading partner of India, followed by Saudi Arabia (USD 52.72 billion) and Singapore (USD 35.55 billion).
Trade Surplus with the US:
India has a trade surplus of USD 28 billion with the US, making it one of the few countries with which India has a trade surplus. Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewelry, light oils and petroleum, frozen shrimp, made-ups, etc. Major imports from the US include petroleum, rough diamonds, liquefied natural gas, gold, coal, waste and scrap, almonds, etc.