According to the commerce ministry data, the bilateral trade between the US and India was at USD 88.75 billion and the US stood as India’s top trading partner for a second consecutive financial Year 2019-20.
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 USD 81.87 billion in 2019-20 from USD 87.08 billion in 2018-19. The trade deficit between the two neighbors has declined to USD 48.66 billion in 2019-20 from USD 53.57 billion in the previous fiscal.
The US is one of the few countries with which India has a trade surplus. The trade gap between the countries has increased to USD 17.42 billion in 2019-20 from USD 16.86 billion in 2018-19, the data showed.
Trade experts believe that the trend of widening trade ties between New Delhi and Washington will continue in the coming years also as both the sides are engaged in further deepening the economic ties.
The data also showed that China was India’s top trading partner from 2013-14 till 2017-18. Before China, UAE was the country’s largest trading nation.