New Delhi: Bilateral trade between the US and India in 2021-22 has broken all records. According to the Ministry of Commerce, America has now become India’s largest trading partner. In this way, America has left China behind in terms of trade with India.
US-India bilateral trade rises to $119.42 billion
According to Commerce Ministry data, bilateral trade between the US and India increased to $119.42 billion in 2021-22. In 2020-21, this figure was $ 80.51 billion.
Import and export increased
According to the data, India’s exports to the US increased to $ 76.11 billion in 2021-22 from $51.62 billion in the previous fiscal. At the same time, India’s imports from the US increased to $ 43.31 billion, from $ 29 billion in the previous financial year.
According to the data, India-China bilateral trade stood at $115.42 billion in 2021-22, from $86.4 billion in 2020-21. At the same time, India’s exports to China increased marginally to $ 21.25 billion, from $ 21.18 billion in 2020-21. At the same time, India’s imports from China increased to $ 94.16 billion, which was $ 65.21 billion in 2020-21. India’s trade deficit with China widened to $72.91 billion during the fiscal year, from $44 billion in 2020-21.
Rakesh Mohan Joshi, Director, Indian Institute of Plantation Management (IIPM), Bangalore said that with a population of 1.39 billion, India is the third largest consumer market in the world. Due to the rapidly growing economies, companies in the US and India have great opportunities for technology transfer, manufacturing, trade and investment.