USA replaced China to be India’s top trading partner
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “USA replaced China to be India’s top trading partner“
The US took over China to become India’s top trading partner in 2021-22. The data indicates strengthening economic ties between the two countries.
Trades with USA:
According to the data of the Commerce Ministry in 2021-22, the bilateral trade between the US and India recorded at $119.42 billion as against $80.51 billion in 2020-21. Exports to the US enhanced to $76.11 billion in 2021-22 from $51.62 billion in previous fiscal year. Imports stood up to $43.31 billion as compared to about $29 billion in 2020-21.
Trades with China:
As per the data of 2020-21, India’s two-way commerce with China reached at $115.42 billion as compared to $86.4 billion in 2020-21.
Exports to China marginally rose to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports soared to $94.16 billion from about $65.21 billion in 2020-21.
Trade Gap for India:
Trade gap widened to $72.91 billion in 2021-22 from $44 billion in previous fiscal year. Trade experts think that the trend of increasing bilateral trade with the US may continue in the coming years.
New Delhi and Washington are making their efforts to strengthen the economic ties. Federation of Indian Export organizations believed that India is emerging as a trusted trading partner and global firms are cutting their dependence only on China for their supplies and are diversifying business into other countries like India.
Trade between India and other major countries:
For the 2021-22 trade: The UAE traded $72.9 billion with India and it was the third largest trading partner of India. UAE followed by Saudi Arabia ($42.85 billion) at fourth rank and Iraq ($34.33 billion) and Singapore ($30 billion) at fifth and sixth respectively.
Indo-Pacific Economic Framework:
The bilateral trade between India and the US might be grown further as India has recently agreed to join a US-led initiative to establish an Indo-Pacific Economic Framework. This step would assist to boost economic ties further.
USA is one of the few countries with which India traded with surplus. In 2021-22, India traded at surplus of $32.8 billion with the US.
Question & Answer:
Q1. Which country is the top trading partner with India in 2021-22?
Q2. As per the official data the bilateral trade between the US and India has recorded at how much billion dollar?
Ans. $119.42 billion
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