The U.S. surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries.
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The bilateral trade between the U.S. and India stood at $119.42 billion in 2021-22 as against $80.51 billion in 2020-21.
Exports to the U.S. increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal year, while imports rose to $43.31 billion from about $29 billion.
Experts believe that the trend of increasing bilateral trade with the U.S. will continue in the coming years also as New Delhi and Washington are engaged in strengthening economic ties.
India has joined a U.S.-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further.
India-China trade
During 2021-22, India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21.
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 the previous fiscal year.
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