The commerce ministry's preliminary data shows that the value of bilateral commerce between India and the United States increased by 7.65% to $128.55 billion in 2022–23 from $119.5 billion in 2021–22. In 2020–21, it was $80.51 billion.
The data indicated that while imports increased by almost 16% to $50.24 billion, exports to the United States increased by 2.81% to $78.31 billion in 2022–23 from $76.18 billion in 2021–22.
On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to $113.83 billion as against $115.42 billion in 2021-22.
Exports to China dipped by about 28% to $15.32 billion in 2022-23, while imports rose by 4.16% to $98.51 billion in the last fiscal. Federation of Indian Export Organisations (FIEO) President A. Sakthivel said that increasing exports of goods such as pharmaceutical, engineering and gems and jewellery is helping India to push its shipments to America.
He added, "The trend of increasing trade with the US will continue in the coming months also." Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore, said, "Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc. whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc."