US surpasses China as India's biggest trading partner in FY22

USA surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. According to the data of the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at $119.42 billion as against $80.51 billion in 2020-21. Exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in previous fiscal year, while imports rose to $43.31 billion as compared to about $29 billion in 2020-21.Major export items from India to the US include petroleum polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc. whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc. America is one of the few countries with which India has a trade surplus.

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. Trade gap rose to $72.91 billion in 2021-22 from $44 billion in previous fiscal year. The data showed that China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner.