Analysts expect rising trade dealings between the US and India will continue in the coming years as the two allies bolster their economic ties. This image shows US President Joe Biden meeting Indian PM Narendra Modi at the G20 summit in Bali in November 2022. Photo: Reuters.
The United States is now India’s biggest trading partner, according to a report by Business Today, which cited PTI news agency and provisional data from India’s Commerce Ministry showing that trade between the two countries rose by 7.65% in 2022-2023 fiscal year to $128.55 billion and noting that this trend is expected to continue as New Delhi and Washington strengthen economic ties.
Increasing exports of pharmaceutical, engineering, gems and jewellery helped total exports rise by 2.8% to $78.3 billion and imports grew by about 16% to $50.2 billion in the 22/23 fiscal year, when trade with China declined by about 1.5% to $113.83 billion, the report said, noting that the United Arab Emirates was India’s largest trading partner last year, while China was its top trading partner in 2020/21.
Read the full report: Business Today.
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