America Now India’s Biggest Business Partner 2023 China Reached Second Position

According to data from the Ministry of Commerce, bilateral trade between India and the US is set to grow by 7.65 percent to $128.55 billion in 2022-23. Due to this, in the last financial year i.e. 2020-21, the bilateral trade between both countries was 119.5 billion dollars. Whereas in 2020-21 it was only at $ 80.51 billion.

Exports from America increased so much

According to the data, exports from India to the US increased by 2.81 percent to $78.31 billion in the financial year 2022-23, from $76.18 billion in 2021-22. Imports from America to India have increased by 16 percent during this period and now it has reached $50.24 billion.

Read This Also: What is Money Market and Capital Market?

The decline in trade with China

In the financial year 2022-23, India-China trade declined by 1.5 percent to $ 113.83 billion, compared to $ 115.42 billion last year. Exports from India to China in 2022-23 declined by 28 percent to $15.32 billion, while imports grew by 4.16 percent to $98.51 billion.

how much trade deficit with China

India’s trade deficit with China has increased to $ 83.2 billion in 2022-23, from $ 72.91 billion in the previous year. According to experts, the trend of increasing trade with America will continue in the coming years as well. Along with this, India and America are continuously working to further strengthen economic relations.