In the fiscal year of 2022-23, bilateral trade increased by nearly 8% to reach $128.55 billion.
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The Indian Commerce Ministry's data shows that India's exports in the US increased by 2.81%, to 78.31 billion dollars in this period compared to $76.18 billion dollars in 2021-22. The country's imports increased by 16%, to $50.24billion.
India's main exports include, among others, polished diamonds and pharmaceutical products. Other items include frozen shrimp and cosmetics. The country imports oil, liquefied gas, coal and recycled products.
In contrast, India-China trade fell by 1.5% to $113.83 Billion in the same fiscal period.
India's exports fell by 28%, to $15.32 Billion, during this time period. However, its imports rose by 4.16%, to $98.51 Billion. China is India's largest trading partner.
India's trade relations with the US have steadily grown over the years. Between 1999 and 2019, the bilateral trade increased by 787%, from $16 billion up to $142 billion. Despite various disputes, bilateral trade grew by 787% between 1999 and 2019.
During the Donald Trump administration, for example, both nations had a dispute over tariffs. In 2019, the US terminated India's special trading treatment, which had enabled $5.6 billion of Indian duty-free imports.
India is also concerned about visa processing delays. The US government, meanwhile, has been seeking lower Indian duties for the Harley-Davidson motorcycles.
Both India and the US, however, have worked consistently to strengthen economic ties. Recent data shows that things are moving in the right directions.