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Move over, China: US is now India's biggest trading partner
QuartzIndia seems to have deepened its ties with the US, making the world’s largest democracy its top trading partner in fiscal 2021-22, surpassing China.
In the financial year ended in March 2022, bilateral trade between the US and India stood at $119.42 billion (9.25 lakh crore rupees), as against $80.51 billion in the previous year, according to the Indian commerce ministry. For China, the figure stood at $115.42 billion in the same period.
Exports to the US rose to $76.11 billion in the reporting period, while imports increased to $43.31 billion. The US is among the few countries with which India has a trade surplus, meaning exports exceed imports.
In the financial year ended in March 2022, bilateral trade between the US and India stood at $119.42 billion (9.25 lakh crore rupees), as against $80.51 billion in the previous year, according to the Indian commerce ministry. For China, the figure stood at $115.42 billion in the same period.
Exports to the US rose to $76.11 billion in the reporting period, while imports increased to $43.31 billion. The US is among the few countries with which India has a trade surplus, meaning exports exceed imports.
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