US becomes India’s number-one partner in the first half of FY 23-24
Despite global economic uncertainties and declining export-import, America has emerged as India’s largest business partner in the first half of the current financial year 2023-24. According to preliminary data from the Ministry of Commerce, bilateral trade between India and America has declined by 11.3% to $59.67 billion in April-September 2023. It was $67.28 billion in the same period of the last financial year.
Exports to America declined to $38.28 billion in April-September 2023, from $41.49 billion in the same period last year. Imports from America also declined to $21.39 billion, which was $25.79 billion in the same period last year.
Trade between India and China decreased in the first half
Similarly, bilateral trade between India and China also declined by 3.56% to $58.11 billion. Exports to China declined to $7.74 billion in the first half of the current financial year, which was $7.84 billion in the same period a year ago. Imports from China also declined to $50.47 billion, which was $52.42 billion in the same period last year.
Trade between India and US to increase in the coming years
Experts believe that due to weakness in global demand, export-import between India and America is declining, but business growth will soon become positive. Despite this, the trend of increasing India’s bilateral trade with America will continue in the coming years, because both India and America are trying to further strengthen economic relations.
