The US remained India's top trading partner for the second consecutive fiscal
The US remained India’s top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the two countries.
According to the data of the commerce ministry, in 2019-20, the bilateral trade between the US and India stood at $88.75 billion as against $87.96 billion in 2018-19.
The US is one of the few countries with which India has a trade surplus. The trade gap between the countries has increased to $17.42 billion in 2019-20 from $16.86 billion in 2018-19, the data showed.
In 2018-19, the US first surpassed China to become India’s top trading partner.
The bilateral trade between India and China has dipped to $81.87 billion in 2019-20 from $87.08 billion in 2018-19. Trade deficit between the two neighbours have declined to $48.66 billion in 2019-20 from $53.57 billion in the previous fiscal.
The data also showed that China was India’s top trading partner since 2013-14 till 2017-18. Before China, UAE was the country’s largest trading nation.