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US becomes India's largest trade partner; is India-China trade decoupling?

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US becomes India's largest trade partner; is India-China trade decoupling?
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New Delhi, June 21: Recent data from India's Ministry of Commerce and Industry shows that the US has become India's largest trading partner, exceeding China with bilateral trade reaching $119.42 billion. According to the data, India's trade exports to the US climbed from approximately USD 51.62 billion in the previous fiscal year to approximately USD 76.11 billion, while imports increased from about USD 29 billion to approximately USD 43.31 billion. Polished diamonds, pharmaceutical products, jewellery, light oil and petroleum, frozen shrimp, cosmetics, and other items are among India's major exports to the United States. The majority of India's imports from the United States are oil, liquefied natural gas, gold, coal, recycled products and scrap iron, large almonds, and so on. The data further 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 nearly 1/3 from the USD 86.4 billion in the previous fiscal year.
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India, US discuss ways to boost bilateral ties Also Read | PM Modi leads Yoga Day celebrations from Mysuru, says yoga brings peace to society India's exports to China are nearly $ 21.25 billion, while its imports from China are approximately USD 94.16 billion. According to reports, the import volume of Chinese goods is increasing, and the top 100 imported items each have an import value of more than USD 100 million. Experts in India feel that India's reliance on China for manufactured goods imports shows no signs of abating.
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India's exports jump 25.1 % in Feb; trade deficit widens to $20.88 bn China's and India's statistical data differ, resulting in disparities in the trade volume figures announced by each. According to Chinese data, China has been India's major trading partner from 2013-2014 to 2017-2018 and 2020-2021. Along with China, the United States and the United Arab Emirates were previously India's top trading partners. India, China to discuss 'complete disengagement' at next commanders'  meeting: MEA This is not the first time that the US has become India's largest trading partner. For a long period, China and India ran relatively big trade deficits, while India maintained a trade surplus with the US. As a result, India has always regarded the United States as a vital export market. Also Read | Punjab Vigilance arrests IAS officer Sanjay Popli for corruption -PTC News-
latest-news us ministry-of-commerce-and-industry imports india-china-trade india-us-trade indias-largest-trade-partner trade-exports
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