Global Times recently reported that, according to the latest statistics from India’s Ministry of Commerce and Industry, the United States has surpassed China to become India’s largest trading partner in the 2021-22 fiscal year.The bilateral trade volume reached US$119.42 billion. In the previous fiscal year, India’s exports to the U.S. increased to about $76.11 billion from about $51.62 billion while imports rose to about $43.31 billion from about $29 billion. The Vice-Chairman of the Federation of Indian Export Organizations said India is becoming a trusted global trading partner. Global companies are reducing their single dependence on China and settling in India to diversify their businesses. India has joined the US-led Indo-Pacific Economic Framework, a move that will further strengthen economic ties between the two countries. Indian media reported that the U.S. is one of the few countries with whom India has a trade surplus of $32.8 billion in the 2021-22 fiscal year. In the meantime, the trade volume between India and China is also rising steadily. There is no “decoupling of trade with China” as previously hyped by the Indian media. India still has a large trade deficit with China, which is much higher than it was in the previous three years. India’s Ministry of Commerce and Industry said that India’s imports from China are showing a declining trend.
Source: Global Times, May 30, 2022