US surpasses China as India`s top trading partner |
According to data from India`s commerce ministry, the US has surpassed China to become India`s top trading partner, showing greater economic ties between the two countries. In 2018-19, the bilateral trade between the US and India stood at 87.95 billion dollars. During the same period, India`s two-way commerce with China aggregated at 87.07 billion dollars. Similarly, during April-December 2019-20, the bilateral trade between the US and India stood at 68 billion dollars. It stood at 64.96 billion dollars with China in the same period. Experts believe that the trend will continue in the coming years also as New Delhi and Washington are engaged in further deepening the economic ties. If the two countries finalise a free trade agreement, then the bilateral trade would reach a different level. FTA with the US will be very beneficial for India as the US is the biggest market for domestic goods and services. India`s exports as well as imports are increasing with the US, 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.
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