In the financial year 2021-22 it was $ 119.5 billion, while in 2020-21 it was at $ 80.51 billion. According to the data, exports from India to the US are set to increase by 2.81 per cent to $78.31 billion in 2022-23, compared to $76.18 billion in 2021-22. At the same time, imports increased by about 16 percent to $ 50.24 billion.
Trade between India and China declined
India’s bilateral trade with China declined by about 1.5 percent to $ 113.83 billion as against $ 115.42 billion in 2021-22. Exports from India to China are set to decline by nearly 28 per cent to $15.32 billion in 2022-23, while imports are expected to increase by 4.16 per cent to $98.51 billion in the last fiscal. The trade deficit widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.
India-US trade continues
The process of increasing India’s bilateral trade with America will continue in the coming years as well. Because the governments of both the countries are busy in strengthening the economic relations. A Sakthivel, president of the Federation of Indian Export Organizations (FIEO), said rising exports of goods such as pharmaceuticals, engineering, gems and jewelery are helping India push its shipments to the US.
Indian Institute of Plantation Management (IIPM), Bangalore Director Rakesh Mohan Joshi said that India offers huge business opportunities for America. Because India is the world’s third largest consumer market and the fastest growing market economy.
The data showed that China was India’s top trading partner from 2013-14 to 2017-18 and also in 2020-21. Before China, UAE was the country’s largest trading partner. UAE to be India’s third largest trading partner in 2022-23 with $76.16 billion. It is followed by Saudi Arabia ($52.72 billion) and Singapore ($35.55 billion).