US overtakes China as India’s largest trading partner with $119.42 billion in FY22

Daily Current Affairs / US overtakes China as India’s largest trading partner with $119.42 billion in FY22

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Category : Business and economics Published on: June 01 2022

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The US overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries.
According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
In 2021-22, India had a trade surplus of $32.8 billion with the US.
The US is one of the few countries with which India has a trade surplus.
China was India’s top trading partner from 2013-14 to 2017-18 and also in 2020-21.
Before China, the UAE was the India’s largest trading partner.

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US overtakes China as India’s largest trading partner with $119.42 billion in FY22