US Overtakes China as India’s Largest Trading Partner in FY-2022

Highlights:

• The United States overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries. 
• According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
• Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21.
• During 2021-22, India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.
• Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21. 
• The trade gap rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.
• In 2021-22, the UAE is India’s third-largest trading partner with USD 72.9 billion. 
• It is followed by Saudi Arabia (USD 42.85 billion) as 4th, Iraq (USD 34.33 billion) as 5th, & Singapore (USD 30 billion) as its 6th largest trading partner.