With $119.42 billion, the US overtakes China as India’s largest trading partner in FY22

1. With $119.42 billion, the US overtakes China as India’s largest trading partner in FY22 In 2021–2022, the US overcame China to overtake it as India’s biggest trading partner, a sign of the two nations’ growing economic connections. Data from the commerce ministry show that, in 2021–2022, US–India bilateral trade totalled $119.42 billion, up from $80.51 billion in 2020–2021. Let’s explore the notification in brief.

2. US OVERTAKES CHINA AS INDIA’S LARGEST TRADING PARTNER IN FY22 In 2021–22, US exports soared to $76.11 billion from $51.62 billion in the previous fiscal year, while imports increased to $43.31 billion from roughly $29 billion. The data showed that India’s two-way trade with China was $115.42 billion in 2021–22 as opposed to $86.4 billion in 2020–21. According to the, US customs export data Exports to China had a slight uptick to $21.25 billion in the most recent fiscal year from $21.18 billion in 2020–21, while imports saw a sharp surge to $94.16 billion from roughly $65.21 billion. The trade deficit increased from $44 billion to $72.91 billion in 2021–22. “In the coming years, the bilateral trade between India and the US will continue to increase. India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would assist boost economic ties further,” Khan stated. With a population of 1.39 billion, the third-largest consumer market in the world, the fastest-growing market economy, and an unrivalled demographic dividend, India presents enormous opportunities for US and Indian businesses in terms of technology transfer, manufacturing, trade, and investment, according to Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore.

3. “Major export items from India to the US cover petroleum polished diamonds, products, jewellery, light oils and petroleum, frozen shrimp, made ups etc. whereas major imports from the US cover petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc.,” Joshi stated. India and the US had a trade surplus of $32.8 billion in 2021–2022. pharmaceutical According to the data, China was India’s biggest trading partner between 2013–14 and 2017–18, as well as in 2020–21. The UAE was the nation’s biggest trading partner before China. With a $72.9 billion trade surplus, the UAE ranked third among India’s trading partners in 2021–22. Following it were Singapore ($30 billion), Iraq ($34.33 billion), and Saudi Arabia ($42.85 billion).

4. ACCESS RELIABLE US IMPORT DATA FOR YOUR BUSINESS As the business names are contained in the USA Import Data of the Customs Type, along with other information. Our database has been updated with information on 12308975 cargo records and 1101306 US import companies. It contains customs import data by company and provides you with cargo details, such as container characteristics, from the most comprehensive and searchable database. The USA bill of lading data is based on shipping bills, import bills, invoices, and other import-export documents that are necessary for importing or exporting goods from one country to another. Additionally, USA Import Data is gathered from the most trustworthy sources, including government agencies, shipping and logistics firms, port authorities, trade associations, and custom departments using the Harmonized System Code.

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