News

Published: Apr 17, 2023
Updated: Apr 17, 2023

India and US strengthen economic ties, US emerges as India's biggest trading partner in FY23

In 2022-23, India and the United States have significantly increased their economic ties, resulting in the US becoming India's largest trading partner. The bilateral trade between India and the US has increased by 7.65% to USD 128.55 billion in FY23. This article highlights the growth in trade between the two countries, as well as the decline in India's two-way commerce with China.

Increased Bilateral Trade Between India and US

The provisional data from the commerce ministry shows that the US has become India's biggest trading partner in FY23, with bilateral trade increasing by 7.65% to USD 128.55 billion. Exports to the US rose by 2.81%, while imports grew by about 16%. The trend of increasing trade with the US is expected to continue in the coming years, as New Delhi and Washington strengthen economic ties.

Decline in Two-Way Commerce with China

In contrast, India's two-way commerce with China has declined by about 1.5% to USD 113.83 billion in FY23. Exports to China dipped by about 28%, while imports rose by 4.16%. The trade gap widened to USD 83.2 billion in the last fiscal year.

Factors Contributing to the Growth in Trade

Experts believe that increasing exports of goods such as pharmaceutical, engineering, and gems and jewelry are helping India push its shipments to America. FIEO Vice President Khalid Khan said that India is emerging as a trusted trading partner, and global firms are reducing their dependence on China and diversifying business into other countries like India.

Shows strengthening US- India bond

The growth in bilateral trade between India and the US is a positive development for both countries. It demonstrates the strengthening of economic ties and highlights India's emergence as a trusted trading partner. As global firms continue to diversify their business into other countries like India, the trend of increasing trade is expected to continue.

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