The United States became India’s largest trading partner for the 2022-2023 fiscal year ending March 31. In this respect Wrote TASS with reference to Ministry of Commerce and Industry of India.
According to the publication, the trade volume between countries in the last fiscal year increased by 7.65 percent from $119.5 billion in 2020-2021 to $128.55 billion. In the same period, India’s exports to the US increased 2.81% to $78.31 billion, compared to $76.18 billion in the previous fiscal year.
“Growth has been driven by increased supplies of pharmaceuticals and engineering products, as well as gems and jewellery. India’s imports of US goods rose nearly 16% to $50.24 billion.
At the same time, according to the statistics of the Ministry of Commerce, the trade volume between India and China in the 2022-2023 fiscal year decreased by 1.5 percent from $115.42 billion in the 2020-2021 period to reach 113.83 billion dollars. India’s exports to China fell 28 percent to $15.32 billion, while imports rose 16 percent to $98.91 billion.
China was India’s largest trading partner in 2013-2018 and also in fiscal year 2020-21.