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Post at: Jul 19 2022

US Emerges as India’s Largest Trade Partner in FY 2022

Recently, the Ministry of Commerce and Industry has released the data, which showed that the US has surpassed China becoming India's top trading partner in 2021-22.
India’s Top Trading Partner

  • U.S.A. surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries.
    • In 2021-22, the UAE with $72.9 billion, was the third largest trading partner of India.
  • China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21.
  • Before China, the UAE was the country’s largest trading partner.

Key Findings

  • According to the data of the commerce ministry, in 2021-22, the bilateral trade between the U.S. and India stood at $ 119.42 billion.
    • 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 previous fiscal year.
    • While imports rose to $ 43.31 billion as compared to about $29 billion in 2020-21.
  • In 2021-22, India had a trade surplus of USD 32.8 billion with the US.
  • During 2021-22, India's two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.
    • Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21. 
    • 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 previous fiscal year.

Factors that made USA India’s Largest Trading Partner 

  • India is emerging as a trusted trading partner and global firms are reducing their dependence on China for their supplies and are diversifying business into other countries like India.
  • India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF).
    • This move would help boost economic ties further.
  • The US has consistently been India’s largest market for services exports.
    • But due to the recent overseas sales of merchandise goods to that country overtook China, making it the largest bilateral trading nation of India.
  • India’s total merchandise exports touched a record USD 418 billion in 2021-22, exceeding the Center’s target by about 5%.
    • It is clocking a 40% growth over the previous year.


 


 


 


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