Despite a decline in exports and imports, the United States has become India’s largest trading partner during the first half of the financial year 2023-24, surpassing China.

The government data reflects a decrease in trade between India and the US, but the final data shows that the US is India’s biggest trading partner during this period.

Exports to the US during April-September 2023 fell to $38.28 billion from $41.49 billion the previous year, with imports also declining to $21.39 billion in the first half of the current fiscal compared to $25.79 billion in the same period last year.

Experts are hopeful that trade trends will improve in the coming months and anticipate a positive growth rate.

On the other hand, India’s trade with China also experienced a 3.56% decline to $58.11 billion during the same period. Exports to China decreased slightly to $7.74 billion, and imports from China declined to $50.47 billion.

Despite this decline, the trend of increasing bilateral trade with the US is expected to continue as India and the US strengthen their economic ties.

The US should consider restoring Generalized System of Preferences (GSP) benefits to Indian exporters, which can significantly boost trade, noted industry experts. India has had a trade surplus with the United States.

In 2022-23, the US was India’s largest trading partner, and the bilateral trade between the two countries continued to grow.

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