America becomes India’s biggest business partner: Trade between the two countries was $59.67 billion in the first half.
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 America will 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.
Sanjay Budhia, chairman of the Confederation of Indian Industry (CII) National Committee on Export-Import (EXIM), had earlier said that Indian exporters are demanding quick resolution time for restoration of Generalized System of Preferences (GSP) benefits by the US. Because this will help in further promoting bilateral trade.
Mumbai-based exporter Khalid Khan said that as per the trend, America will remain India’s biggest business partner despite global challenges. Whereas Ludhiana exporter S. C. Ralhan says that trade between India and America will continuously increase in the coming years.
