US Overtakes China as India’s Largest Trading Partner in FY22.

• The United States overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries.
• According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
• Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21.

 India’s Top Trading Partners 2021-22:

• In 2021-22, the UAE is India’s third-largest trading partner with USD 72.9 billion. It is followed by Saudi Arabia (USD 42.85 billion) as 4th, Iraq (USD 34.33 billion) as 5th, & Singapore (USD 30 billion) as its 6th largest trading partner.