India-US trade rose by 8% in 2022-23, fell 1.5% with China

Bilateral trade between India and the US rose by nearly 8 per cent to $128.55 billion in 2022-23, in comparison with $119.5 billion in 2021-22.

The development in bilateral trade between the 2 nations is critical, contemplating the truth that in 2020-21, it was solely $80.51 billion, based on Commerce Ministry knowledge.

Exports to the US rose by 2.81 per cent to $78.31 billion in 2022-23 as towards $76.18 billion in 2021-22, whereas imports grew by about 16 per cent to $50.24 billion.

At the identical time, India’s bilateral trade with China fell by 1.5 per cent in 2022-23 to $114 billion, in comparison with $115 billion in 2021-22.

Exports to China fell by 28 per cent to $15.32 billion in 2022-23, whereas imports rose by 4 per cent to $98.51 billion in 2021-22.

(With inputs from IANS)