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America Became India's Largest Trading Partner in the Financial Year 2022-23

Published on April 18, 2023
Current Context: Recently, the Ministry of Commerce and Industry has released the trade statistics for the year 2022-23. According to this, America has become India's largest trading partner in the last financial year 2022-23. After that China is second, whereas UAE is third with $76.16 billion followed by Saudi Arabia ($52.72 billion) and Singapore ($35.55 billion) at fourth and fifth place.
America Became India's Largest Trading Partner in the Financial Year 2022-23
  • According to commerce ministry data, bilateral trade between India and the US is set to grow by 7.65 per cent to $128.55 billion in 2022-23. In the previous financial year (2021-22), the bilateral trade of the two countries was $ 119.5 billion, while in 2020-21 it was only $ 80.51 billion.
  • According to the data, exports from India to the US are set to grow by 2.81 per cent to $78.31 billion in FY 2022-23 from $76.18 billion in 2021-22.
  • Imports from the US in India have increased by 16 percent during this period to $ 50.24 billion. In 2022-23, India has a trade surplus of $28 billion with the US.
  • Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups, etc. while major imports from the US include petroleum, rough diamonds, liquefied natural gas and gold.
  • On the other hand, India-China trade in 2022-23 declined by 1.5 percent to $113.83 billion, from $115.42 billion in the previous year.
  • Exports from India to China are set to decline by 28 per cent to $15.32 billion in 2022-23, while imports are expected to grow by 4.16 per cent to $98.51 billion.
  • India's trade deficit with China is set to increase to $83.2 billion in 2022-23 from $72.91 billion in the previous year.
  • According to the data, China was India's top trading partner from 2013-14 to 2017-18 and again in 2020-21.

Question:

Q.1 Which country became India's largest trading partner in the financial year 2022-23?
a. America
b. France
c. Europe
d. Germany
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