Winning Bizness Desk

Mumbai. US has overtaken China once again in terms of trade with India. The US has emerged as India's largest trading partner in the first six months of the current financial year. However, bilateral trade between India and the US has also declined during this period compared to a year ago. According to preliminary data released by the Ministry of Commerce, bilateral trade between India and the US stood at $59.67 billion in the first six months of the current financial year, i.e. between April and September 2023. It was $67.28 billion during the same period last year i.e. from April to September 2022, which means that bilateral trade between India and the US has declined by 11.3 percent compared to a year ago.

Exports also declined

According to the data, US exports fell to $38.28 billion in the first six months of the current financial year starting from April. It was $41.49 billion in the first six months of last financial year. On the other hand, during this period, US imports fell to $21.39 billion from $25.79 billion a year ago. Bilateral trade between India and China during the same period was $58.11 billion. This ratio is 3.56 percent less than a year ago. In the first half of the current financial year, India's exports to China fell marginally to $7.74 billion. It was $7.84 billion in the same period last year. During this period, imports from China also fell to $50.47 billion from $52.42 billion a year ago.

Business will increase in the future

According to news agency, exports and imports between India and the US have declined due to weakness in global demand. But this trend is expected to change soon. The agency quoted experts as saying that the trend of increasing India's bilateral trade with the US will continue in the coming years, as the two countries seek to deepen mutual economic ties.