New Delhi, NFAPost: Amid global efforts to reduce dependency on China for their supplies, US has become the biggest trading partner for India during fiscal 2021-2022.
As per the data of the Commerce Ministry, in 2021-22 the bilateral trade between the US and India stood at $119.42 billion as against $80.51 billion in 2020-21.
Also, interesting to note that 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 $421.25 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 USD 72.91 billion in 2021-22 from USD 44 billion in previous fiscal year.
The data also states that in 2021-22, the UAE with $72.9 billion, was the third largest trading partner of India. It was followed by Saudi Arabia ($42,85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
