India’s bilateral trade with US rises to $67.41bn in April-Oct FY22
07 Dec 2021
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USA has once again become India’s largest trading partner with bilateral merchandise trade of $67.41 billion in April-October 2021-22, accounting for 11.98 per cent of the country's total merchandise trade, as per DGCIS figures.
USA has been the largest trading partner of India with respect to merchandise trade since FY 2018-19, except 2020-21 when bilateral trade declined marginally on account of the SARS CoV-2 pandemic.
India and United States enjoy a comprehensive strategic partnership covering a broad range of areas, underpinned by shared democratic values and vibrant people-to-people contacts. Trade and commercial ties form an important component of this multi-faceted partnership. India and the US are continuously engaged in strengthening these ties through bilateral dialogue mechanisms at ministerial level, including the Trade Policy Forum and Commercial Dialogue.
The 12th India-US Trade Policy Forum meeting co-chaired by the commerce and industry minister and the US trade representative in November discussed various outstanding trade issues for early resolution on mutual basis, and also reached convergence on certain market access issues.
Similarly, bilateral trade with countries like Australia, the UAE and Belgium has also gone up in the first nine months (Jan-Sept) of calendar year 2021. During this period, India's bilateral trade with Australia has increased to $13.88 billion from $7.48 billion in the corresponding period of 2020. Bilateral trade with the UAE has grown to $49.06 billion in 2021 from $29.48 billion in 2020 for the same period while bilateral trade with Belgium has grown to $13.70 from $7.63 billion in the same period of 2020, as per DGCIS figures.
Minister of state for commerce and industry Anupriya Patel gave this information in a written reply in the Rajya Sabha on Saturday.
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