The change in the global geopolitical situation in the last few years is also affecting the trade relations of countries around the world. India is also not unaffected by this. According to the circumstances, India’s trade with other countries is also taking a turn. This is the reason that during the last financial year, America has emerged as the largest trade partner of India (India US Trade), while China (India China Trade) has been occupying this place for a long time.
growing economic ties
According to the provisional data of the Ministry of Commerce, America has been the largest trading partner of India in the financial year 2022-23. There was a trade of $ 128.55 billion between the two countries during this period. This shows that the economic relations between the two countries are getting stronger.
Business increased one and a half times
As per the data, the bilateral trade between India and the US stood at $128.55 billion during the last financial year that ended in March. In the previous financial year i.e. 2021-22, the bilateral trade of both the countries was $ 119.5 billion. In this way, an increase of around 7.65 percent has been registered in the trade of both the countries throughout the year. Whereas in 2020-21 it was only $ 80.51 billion. This means that during the last two years, the mutual trade between India and America has increased one and a half times.
Balance in favor of India
According to official data, India exported $ 78.31 billion to the US in the financial year 2022-23. It was $ 76.18 billion a year ago i.e. in 2021-22. In this way, India’s exports to America increased by 2.81 percent in the last one year. On the other hand, imports from America in India increased by 16 percent to $ 50.24 billion during this period. However, despite the sharp increase in imports as compared to exports, the balance of trade is still in favor of India.
Decreased trade with China
Talking about China, which has been India’s biggest trade partner for many years, a decline in bilateral trade with this neighboring country was recorded in the last financial year. In the financial year 2022-23, the mutual trade between India and China declined by 1.5 percent to $ 113.83 billion. It was $ 115.42 billion a year ago i.e. in the year 2021-22.
These headache-increasing figures
During this period, exports from India to China declined by 28 per cent to $15.32 billion, while imports grew by 4.16 per cent to reach $98.51 billion. This means that even though the total trade of both the countries has decreased, but it has increased the problems for India. India’s trade deficit with China has increased to $ 83.2 billion in 2022-23 from $ 72.91 billion in the previous year due to reduced exports and increased imports.
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One Comment on “China left behind, trade between India and America increased so much in the last financial year”
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