Winning Bizness Desk

Mumbai. India's trade with America has been the highest in the last financial year i.e. 2022-23, due to which America has become India's largest trading partner. There was a trade of $ 128.55 billion between the two countries during this period. This shows that the economic relations between the two countries have become stronger. At the same time, China has reached number two in this matter. According to commerce ministry data, bilateral trade between India and the US is set to grow by 7.65 per cent to $128.55 billion in 2022-23. Due to this, in the last financial year i.e. 2020-21, the bilateral trade of both the countries was 119.5 billion dollars. Whereas in 2020-21 it was only at $ 80.51 billion. According to the data, exports from India to the US increased by 2.81 per cent to $78.31 billion in the financial year 2022-23, from $76.18 billion in 2021-22. Imports from America in India have increased by 16 percent during this period and now it has reached $50.24 billion.

Decline in trade with China

In the financial year 2022-23, India-China trade declined by 1.5 percent to $ 113.83 billion, compared to $ 115.42 billion last year. Exports from India to China in 2022-23 declined by 28 per cent to $15.32 billion, while imports grew by 4.16 per cent to $98.51 billion. India's trade deficit with China has increased to $ 83.2 billion in 2022-23, from $ 72.91 billion in the previous year. According to experts, the trend of increasing trade with America will continue in the coming years as well. Along with this, India and America are continuously working to further strengthen economic relations.