The US has emerged as India’s biggest trading partner in 2022-23 on account of increasing economic ties between the two countries. Exports to the US rose by 2.81 % USD 78.31 bn in 2022-23 as against USD 76.18 bn in 2021-22, while imports grew by about 16% to USD 50.24 bn, the data showed.
On the other hand, during 2022-23, India’s two-way commerce with China declined by about 1.5 % cent to USD 113.83 bn as against USD 115.42 bn in 2021-22.
Experts believe that the trend of increasing bilateral trade with the US will continue. With New Delhi and Washington engaging in strengthening the economic ties,
Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils, frozen shrimp, made ups etc. whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc. America is one of the few countries with which India has a trade surplus. In 2022-23, India had a trade surplus of USD 28 billion with the US.
According to a latest report by Harvard Business Review, the US India relationship is key to the future of technology. The report further says that India is shining as a promising alternative in supply chains, innovation hubs, and joint ventures. As the world’s largest democracy with an increasingly open economy and a strong technology sector, it has the potential to operate at scale.