- The US has become India's biggest trading partner in the fiscal year 2022-23, with bilateral trade reaching $128.55 billion.
- India's exports to the US increased by 2.81%, while imports from the US to India increased by 14.91%.
- China, India's former largest trading partner, has fallen to the second position with bilateral trade at $96.22 billion.
- The increase in trade can be attributed to the growing strategic partnership, increased business opportunities, and India's efforts to diversify its trade partners.
- The growth in trade is expected to continue as the two countries deepen their economic and strategic relationship.
Certainly! In the last year, the US has become India's most important trading partner. The two countries traded a lot more with each other, with the total amount of trade being $128.55 billion. India sold more things to the US, making $78.31 billion from exports, while they bought more things from the US, spending $50.24 billion on imports. China used to be India's biggest trading partner, but now they are second. The increase in trade between India and the US is because the two countries are working together more closely and India is trying to trade with more countries. This is good for both countries, and they will likely trade even more in the future.
The relation being referred to in this context is the economic relationship between India and the United States. In the last year, the trade between the two countries has increased significantly, with the US becoming India's biggest trading partner. This growth in trade is a reflection of the strengthening economic ties between the two nations. India and the US have been working to deepen their economic and strategic relationship, which has resulted in increased business opportunities and trade between the two countries. This relationship is expected to continue growing in the future.
- Pharmaceuticals and medicines
- Gems and jewelry
- Organic chemicals
- Machinery and mechanical appliances
- Electrical machinery and equipment
- Apparel and clothing accessories
- Vehicles and vehicle parts
- Optical and medical instruments
- Plastics and plastic products
- Iron and steel products