US becomes India’s top trading partner

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News:According to the 2018-19 data from the Commerce Ministry, the United States has become India’s top trading partner surpassing China.

Facts:

  • In 2018-19,the bilateral trade between the US and India stands at USD 87.95 billion as compared to USD 87.07 billion with China.
  • India has a trade surplus of USD 16.85 billion with the USA while it has a deficit of USD 53.56 billion with China.
  • Currently,the top five trading partners of India are US, China, UAE, Saudi Arabia and Hong Kong.

Additional information:

Economic Survey on India’s External Trade:

  • Largest export items of India:Petroleum products, precious stones, drug formulations & biologicals, gold and other precious metals.
  • Largest export destinations in 2019-20: United States of America (USA), followed by United Arab Emirates (UAE), China and Hong Kong.
  • Largest import items: Crude petroleum, gold, petroleum products, coal, coke & briquettes.
  • India’s imports continue to be largest from China, followed by USA, UAE and Saudi Arabia.