New Delhi, May 30 (KNN) Bolstering greater economic relations, the US has surpassed China to become India's top trading partner in 2021-22 with bilateral trade recorded at USD 119.42 billion.

Previously in FY21, the trade between the two countries was at USD 80.51 billion. Exports to the US increased to USD 76.11 billion in 2021-22 from USD 51.62 billion in previous fiscal year, while imports rose to USD 43.31 billion as compared to about USD 29 billion in 2020-21.

Commenting on the report, Federation of Indian Export Organisations Vice President Khalid Khan said India is emerging as a trusted trading partner and global firms are reducing their dependence only on China for their supplies and are diversifying business into other countries like India.

"In the coming years, the bilateral trade between India and the US will continue to grow. India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further," Khan said.

As per the official data, India’s trade with China aggregated at USD 115.42 billion in FY22 as compared to USD 86.4 billion in 2020-21.

In FY 22, in view of exports to China there was a marginal increase to USD 21.25 billion as compared to USD 21.18 billion in FY20. Trade gap rose to USD 72.91 billion in 2021-22 from USD 44 billion in previous fiscal year. (KNN Bureau)