The resurgent demand that necessitated new India-US weekly strings and extra-loader deployments is now showing up in trade data in a substantive way.
According to the latest provisional figures released by New Delhi, the US emerged as India’s largest trading partner in fiscal year 2021-22, outpacing China’s long-time leading position.
India-US bilateral trade by value swelled 49 percent to $119.42 billion, from $80.51 billion a year earlier. Extrapolating that data by export-import trends, the growth rate was about 50 percent in both directions.
Indian exports to the US hit $76.11 billion, up 48 percent from $51.62 billion in fiscal 2020-21. US shipments into India rose 50 percent to $43.31 billion.
For the same period, India-China bilateral trade totaled $115.42 billion, up 34 percent year over year.
Apart from the cross-border trade reconfiguration, one key factor that bodes well for New Delhi is that India has a trade surplus with the US, unlike with China where the trade pattern traditionally remains heavily tilted toward Beijing. India’s trade gap with China ballooned to $72.91 billion in 2021-22 from $44 billion the previous year, data shows.
Source: joc.com
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