The United States became India's top trading partner in 2021-22, leaving China behind.
Official data revealed the two-way commerce between US and India reached $119.42 billion compared to $80.51 billion in 2020-21. The two-way trade between India and China was at $115.42 billion in 2021-22, up from $86.4 billion in 2020-21.
According to the data, China was India's top trading partner from 2013-14 to 2017-18. Again in 2020-21 China became India's top trading partner. Before China, the UAE was the country's largest trading partner.
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The spike in trade with the US is a result of India's continuous efforts to deepen ties with Washington, officials in the know said.
Earlier this year the US approved import of mangoes and pomegranate from India. In turn, India agreed to import cherries and alfalfa hay from the the US.
India's overall exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in 2020-21.
Imports from the US also increased to $43.31 billion in 2021-22 as against $29 billion in 2020-21.
"In the coming years, the bilateral trade between India and the US will continue to grow. India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further," according to Khalid Khan, Federation of Indian Export Organisations.
Published 29 May 2022, 06:52 IST
