Who is The Largest Trading Partner of India in 2022?

ByExport Import Data Solutions
Largest Trading Partner of India-d9703e0d

 

In 2021–2022, the United States surpassed China to overtake it as India’s biggest trading partner, underscoring the two nations’ close economic connections. Data from the commerce ministry show that bilateral trade between the US and India increased from US$ 80.51 billion in 2020–21 to US$ 119.42 billion in 2021–22. Exports to the US climbed from US$ 51.62 billion to US$ 76.11 billion in the next fiscal year, while imports increased from US$ 29 billion to US$ 43.31 billion. In this article, we will discuss in brief who is the largest trading partner of India in 2022.

About Trading Partner of India in 2022

According to the Daily Import Export Data from India’s Ministry of Commerce and Industry, the US has surpassed China to become India’s top trading partner, with bilateral trade totalling USD 119.42 billion. According to the breakdown statistics, India’s trade exports to the US rose from about USD 51.62 billion in the previous fiscal year to approximately USD 76.11 billion, while imports rose from around USD 29 billion to approximately USD 43.31 billion.

Polished diamonds, pharmaceuticals, jewellery, light oil and petroleum, frozen shrimp, cosmetics, and more are among India’s top exports to the US. The largest American exports to India are giant almonds, liquefied natural gas, gold, coal, recycled goods, and scrap iron.
The report also reveals that India and China’s bilateral trade volume in the 2021–2022 fiscal years will be approximately USD 115.42 billion, up over one-third from the USD 86.4 billion in the prior fiscal year.

Further India exports over USD 21.25 billion to China, while it imports approx USD 94.16 billion from China. According to Daily Import Export Data, the amount of merchandise coming from China is increasing, and the top 100 imports each have a value of more than $100 million. India is still largely dependent on China for the import of manufactured products, according to Indian analysts.

India’s Top 10 trade Partners in 2022:

According to the Import Export Information India figures from India’s Ministry of Commerce and Industry, these are the top trading partners of India in 2022:

USA
China
UAE
Saudi Arabia
Iraq
Singapore
Hong Kong
Indonesia
Korea
Australia

The Trade data showed that India’s two-way trade with China was $115.42 billion in 2021–22 as opposed to $86.4 billion in 2020–21. Exports to China had a slight uptick to $21.25 billion in the most recent fiscal year from $21.18 billion in 2020–21, while imports saw a sharp surge to $94.16 billion from roughly $65.21 billion. In 2021–2022, the trade deficit increased from $44 billion to $72.91 billion.

Also, UAE is India’s third-largest trading partner in 2021–2022, at USD 72.9 billion. Its top three trading partners are Singapore (USD 30 billion), Saudi Arabia (USD 42.85 billion), and Iraq (USD 34.33 billion).The epidemic and India’s efforts to “decouple” from China are both factors in the ongoing improvement of trade relations between the two countries.

However, the security aspect plays a crucial role; as a result, India has hastened the replacement of Chinese businesses at home and abroad with the aid of the “China fear” mentality. ExportImportData provides the Daily Import Export Data, exporter Importer data and much more. It also enables you to acquire data on the top exporters, HS Codes Import Export Information India, etc. If you have any query concerning Import Export Data. Please connect with our business professionals; they will assist you to explore your business in the International Trade market.

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