USA Becomes India’s Largest Trading Partner

INTERNATIONAL

In the financial year 2021-22, the United States of America (USA) become India's largest trading partner by surpassing China. The data was released by the Ministry of Commerce and Industry.

The bilateral trade between the USA and India stood at $119.42 billion in this fiscal year against $80.51 billion in the previous fiscal year 2020-21. This proves the strong economic ties between the two countries.

In FY 22, the exports to the US increased to $76.11 billion and the imports rose to $43.31 billion. 

In the same financial year, the value of bilateral trade between India and China stood at $115.42 billion as compared to $86.4 billion in 2020-21.

After USA and China, the largest trading partner of India in UAE, ($72.9 billion), Saudi Arabia ($42.85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).

India is emerging as a trusted trading partner and global firms are reducing their dependence only on China for their supplies and are diversifying their business into other countries like India.

 

   Important points for the exam:

  • During FY22, the USA become India's largest trading partner by surpassing China. The data was released by the Ministry of Commerce and Industry.
  • The bilateral trade between the USA and India stood at $119.42 billion in this fiscal year against $80.51 billion in the previous fiscal year 2020-21.
  • In the same financial year, the value of bilateral trade between India and China stood at $115.42 billion as compared to $86.4 billion in 2020-21.
  • After USA and China, the largest trading partner of India in UAE, ($72.9 billion), Saudi Arabia ($42.85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).

   Facts to know:

  • Union Minister of Commerce and Industry: Mr.Piyush Goyal - also the Minister of Textile & Minister of Consumer Affairs, Food and Public Distribution.
  • The top exports of India are Refined Petroleum, Packaged Medicaments, Diamonds, Rice, and Jewellery.
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