India-US Trade: America left China behind in trade, became India’s number-one partner in the first half

America has once again left China behind in terms of trade. America has emerged as India’s largest trading partner during the first six months of the current financial year. However, during this period, bilateral trade between India and America has also decreased compared to a year ago.

Mutual trade remained this much

According to the preliminary data released by the Ministry of Commerce, Bilateral trade between India and America during the first six months of the financial year i.e. April to September 2023 has been $ 59.67 billion. It was 67.28 billion dollars in the same period last year i.e. during April to September 2022, which means the mutual trade between India and America has decreased by 11.3 percent as compared to a year ago.

Exports have also decreased. Decrease

According to the data, exports to America declined 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 the last financial year. On the other hand, during this period, imports from America decreased to $21.39 billion from $25.79 billion a year ago.

Trade with China decreased so much

In the same period, India and Bilateral trade between China stood at 58.11 billion dollars. This is 3.56 percent less than a year ago. In the first half of the current financial year, exports from India to China declined marginally to $7.74 billion. It was $7.84 billion in the same period a year ago. During this period, imports from China also declined to $50.47 billion from $52.42 billion a year ago.

Trade will increase in the coming time

According to news agency PTI, global demand Due to weakness in India, exports and imports between India and America are declining, but this trend is expected to change soon. The agency has quoted experts as saying that the trend of increasing India’s bilateral trade with the US will continue in the coming years, as both the countries are trying to further strengthen mutual economic relations. Also read: From Infosys to L&T companies, these stocks are going to earn money this week.