U.S becomes India’s biggest trading partner in FY23

New Delhi: The U.S. stands as the India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.

According to the provisional data of the Commerce Ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.

Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion, as per the data.

On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to $113.83 billion as against $115.42 billion in 2021-22.

Exports to China dipped by about 28% to $15.32 billion in 2022-23, while imports rose by 4.16% to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.

America is one of the few countries with which India has a trade surplus. In 2022-23, India had a trade surplus of $28 billion with the U.S.

The data showed that China was India's top trading partner since 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner.

In 2022-23, the UAE with $76.16 billion, was the third largest trading partner of India. It was followed by Saudi Arabia ($52.72 billion), and Singapore ($35.55 billion).

ALSO READ: Meghalaya plans framework to measure happiness quotient