India-US Trade Ties

India-US Trade Ties

News: The U.S. surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries.

About:
• The bilateral trade between the U.S. and India stood at $119.42 billion in 2021-22 as against $80.51 billion in 2020-21.
•  Exports to the U.S. increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal year, while imports rose to $43.31 billion from about $29 billion.
• Experts believe that the trend of increasing bilateral trade with the U.S. will continue in the coming years also as New Delhi and Washington are engaged in strengthening economic ties.
• India has joined a U.S.-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further.

India-China Trade:
• During 2021-22, India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21.
• Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21.
• Trade gap rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.