US emerges as India’s biggest trading partner in FY23 at $128.55 billion; China in second position
Bilateral trade between India and the US rose by almost 8 percent to $128.55 billion in 2022-23, compared to $119.5 billion in 2021-22.
At the same time, India’s bilateral trade with China fell by 1.5 percent in 2022-23 to $114 billion, compared to $115 billion in 2021-22. Exports to China fell by 28 percent to $15.32 billion in 2022-23, while imports rose by 4 percent to $98.51 billion in 2021-22.
The growth in bilateral trade between the two countries is significant, considering the fact that in 2020-21, it was only $80.51 billion, according to Commerce Ministry data.
Exports to the US rose by 2.81 percent to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16 percent to $50.24 billion.
[With Inputs from IANS]
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