America has emerged as India's largest trading partner in the financial year 2022-23. The increase in trade between the two countries comes at a time when ties between the US and India have grown stronger over the past few years.
According to data released by the Ministry of Commerce, trade between India and the US has increased by 7.65 percent to reach $ 128.55 billion in the financial year 2022-23, which was $ 119.5 billion in 2021-22. There, it was $ 80.51 billion in 2020-21.
Both imports and export increased in America
According to the data released by the ministry, India's exports to the US have increased by 2.81 percent to $ 78.31 billion in the financial year 2022-23, which was $ 76.18 billion in 2021-22. At the same time, imports have reached 16 percent to $ 50.24 billion. India's trade surplus with America in 2022-23 has been $ 28 billion.
Business with China dropped
There has been a decline in the business between India and China in 2022-23. It has fallen by 1.5 percent to reach $ 113.83 billion, while in 2021-22 the figure stood at $ 115.42 billion.
India's exports to China in 2022-23 have fallen by 28 percent to $15.32 billion as compared to 2021-22. At the same time, imports have increased by 4.16 percent to $ 98.51 billion. India's trade deficit with China has increased to $ 83.2 billion in 2022-23, from $ 72.91 billion in 2021-22.
Let us inform you, from 2013-14 to 2017-18 and in 2020-21, China was India's largest trading partner. Before China, UAE's name was at the top of the list of India's trading partners.
UAE, Saudi, and Singapore included in the top 5 trading partners
UAE was the third largest trading partner in 2022-23 with $76.16 billion, Saudi Arabia fourth with $52.72 billion, and Singapore fifth with $35.55 billion.
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