New Dilhi: [2] The United States has pipped China to emerge as India’s top trading partner in the financial year 2021-22, according to official data.

[3] Indian industry and trade experts feel the trend of increasing India-US trade would continue in the coming years also as the two countries engage each other in further ramping up bilateral economic ties, reports our New Delhi correspondent.

[4] India, Japan and Australia joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) announced at the Quad Summit in Tokyo last week.
[5] According to the data of the Indian Commerce Ministry, the trade between the US and India stood at $119.42 billion in 2021-22 as against $80.51 billion in 2020-21.

The data showed China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country’s largest trading partner.

During 2021-22, India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.

While India’s exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in 2021-22, imports rose to $43.31 billion as compared to about $29 billion in 2020-21.

“Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp and made-ups whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap and almonds etc.

America is one of the few countries with which India has a trade surplus. In 2021-22, India had a trade surplus of $32.8 billion with the US.

India’s exports to China marginally went up 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.

India’s trade gap with China rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.

Federation of Indian Export Organizations Vice President Khalid Khan said India is emerging as a trusted trading partner and global firms are reducing their dependence only on China for their supplies and are diversifying their business into other countries like India.