US Became India’s biggest Trading Partner in FY23 Followed by China

US Became India’s biggest Trading Partner in FY23 Followed by China

Daily Current Affairs / US Became India’s biggest Trading Partner in FY23 Followed by China

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Category : Business and economics Published on: April 19 2023

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US Became India’s biggest Trading Partner in FY23 Followed by China According to the data of the Ministry of Commerce, the United States (US) has emerged as India’s biggest trading partner in the financial year 2022-23 (FY23) at USD 128.55 billion followed by China in the second position at USD 113.83 billion.
The bilateral trade between India and the US has increased by 7.65% in FY23 due to increasing economic co-operation as against USD 119.5 billion in FY22. It was USD 80.51 billion in FY21.
Followed by US and China, the UAE with US$76.16 billion, was the third largest trading partner of India. It was followed by Saudi Arabia (US$52.72 billion), and Singapore (US$35.55 billion).
As per the Ministry of Commerce data, China was India’s top trading partner since FY14 till FY18 and also in FY21. Before China, the UAE was the India’s largest trading partner.

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