The US has surpassed China and become India’s top trading partner showing greater economic ties between the two countries. According to the commerce ministry, in 2018-19, the bilateral trade between both countries stood at USD 87.95 billion.
The data shows that between India and China the bilateral trade was USD 87.07 billion. India has a trade surplus of $16.85 billion with America, while it has a deficit of $53.56 billion with China
Similarly, during April-December 2019-20 the bilateral trade with the US stood at USD 68 billion, while with China it stood at USD 64.96 in the same period.
Federation of Indian Export organizations Director General Ajay Sahai said that India’s exports and imports with the US are increasing, while with China both are declining. America is one of the few countries with which India has a trade surplus. On the other hand, India has a huge trade deficit with China.
The data shows that China was India’s top trading partner from 2013-14 till 2017-8 and before China it was UAE. A top American business advocacy group has said that a free trade agreement between India and the US is a key to resolving their trade disputes as it will cover the biggest irritants in ties, including tariffs and mobility of Indian professionals.
Read more at The Economic Times