Amid tension between India and China over Beijing's military aggression in Ladakh, America seems to gaining. The United States overtook China to become India's top trade partner in 2021-22.
In FY22, India and USA's bilateral trade stood at $119.42 billion compared to $115.42 billion between India and China.
India's exports to US rose to $76.11 billion in 2021-22 from $51.62 billion in 2020-21. At the same time, imports from US to India rose to $43.31 billion from $29 billion in 2020-21.
India's exports to China increased to $21.25 billion in 2021-22 from $21.18 billion in 2020-21. Imports from China to India rose to $94.16 billion from $65.21 billion in 2020-21.
The sharp rise in imports from China continues despite India's perceived push to move away following the Ladakh tension.
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India has a trade surplus with the US, but a trade deficit with China. This means that India exports more to the US than it imports, but vice versa with China.