US becomes India’s largest trade partner, is India-China trade decoupling? – Economic Times
India’s Ministry of Commerce and Industry latest data shows that the US has become India‘s largest trading partner, exceeding China with bilateral trade reaching USD 119.42 billion.
From the breakdown data, India’s trade exports to the US increased from about USD 51.62 billion in the previous fiscal year to USD 76.11 billion, while imports increased from about USD 29 billion to about USD 43.31 billion.
India’s major exports to the US include polished diamonds, pharmaceutical products, jewellery, light oil and petroleum, frozen shrimp, cosmetics and more. India’s imports from the United States are mainly oil, liquefied natural gas, gold, coal, recycled products and scrap iron, large almonds, etc.
The data also shows that the bilateral trade volume between India and China in the 2021-2022 fiscal year is about USD 115.42 billion, an increase of about 1/3 from the USD 86.4 billion in the previous fiscal year.
Among them, India’s exports to China are about USD 21.25 billion, and its…
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source: https://news.oneseocompany.com/2022/06/21/us-becomes-indias-largest-trade-partner-is-india-china-trade-decoupling-economic-times_2022062122119.html
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