Due to the growing economic links between the two countries, the United States has emerged as India's largest trading partner in 2022-23. According to
Import export data, bilateral trade between India and the United States climbed by 7.65% to USD 128.55 billion in 2022-23, up from USD 119.5 billion in 2021-22. In 2020-21, it was USD 80.51 billion.
Exports to the US increased by 2.81 percent to USD 78.31 billion in 2022-23, compared to USD 76.18 billion in 2021-22, while imports increased by about 16 percent to USD 50.24 billion, according to the data.
However, India's two-way trade with China decreased from USD 115.42 billion in 2021–2022 to USD 113.83 billion in 2022–2023—a decrease of nearly 1.5%.
While imports increased by 4.16 percent to USD 98.51 billion in the most recent fiscal year, exports to China fell by roughly 28% to USD 15.32 billion.
The trade deficit increased from USD 72.91 billion in 2021–2022 to USD 83.2 billion in the most recent fiscal year according to India Trade Data The trend of growing bilateral commerce with the US is expected to continue in the years to come as New Delhi and Washington work to further cement their economic ties, according to experts.
In the upcoming months as well, the trend of growing trade with the US will continue, he said. India is becoming a reliable trading partner, according to FIEO Vice President Khalid Khan, and multinational corporations are expanding their business into nations other than China in order to diversify their sources of supplies.
However, the US continues to place solid orders with our exporters, thus the two countries' commerce will increase, according to Khan.
Reference- Economic Times
