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India’s biggest trading partner
The USA is becoming India’s biggest trading partner during the first half of the current financial year. USA’s top position in India’s biggest trading partner comes at the time of global economic uncertainties and declining exports and imports.
As per the provisional data of the commerce ministry, the bilateral trade between India and the US has went down by 11.3% to USD 59.67 billion during April-September 2023 against USD 67.28 billion in the same period last year.
Exports to the USA:
Exports to the US have descended to USD 38.28 billion during April-September 2023 from USD 41.49 billion a year ago.
Imports also declined to USD 21.39 billion during the first six months of the current fiscal compared to USD 25.79 billion in the same period last year.
The two-way trade between India and China has also dimmed by 3.56% to USD 58.11 billion.
How China missed its first position?
Exports to China from India were shrunk marginally to USD 7.74 billion during the first half of the current fiscal from USD 7.84 billion in the year-ago period.
Imports came down to USD 50.47 billion from USD 52.42 billion a year earlier.
Trade experts believe that though exports and imports are declining between India and the US due to global demand slowdown, the growth rate will enter a positive zone soon.
As per the experts’ opinion, the trend of increasing bilateral trade with the US might be continued in the coming years due to the engagement of strengthening the economic ties between two countries.
India’s biggest trading partner:
India’s biggest trading partner was USA in 2022-23. The bilateral trade between India and the US grew 7.65% to USD 128.55 in 2022-23 against USD 119.5 billion in 2021-22.
Before USA, China was India’s top trading partner from 2013-14 to 2017-18 and also in 2020-21. Even UAE was the country’s largest trading partner before China.
Question & Answer:
Q1. Which country becomes the top trading partner of India?
Q2. How much US dollar bilateral trade between India and USA in April-September 2023 quarter?
Ans. USD 59.67 billion
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