Owing to faster trade growth in first nine months of 2021, US has emerged as India’s largest trading partner again, leaving behind China. According to Ministry of Commerce and Industry, bilateral trade between India and US reached US$ 28 billion in January-September 2021, witnessing a 50% year-over-year (yoy) growth.
US becomes India’s largest trading partner
For China, trade reached US$ 25.3 billion in January-September 2021, witnessing 46% yoy growth. Overall trade of India grew by 50% yoy, reaching US$ 231 billion in January-September 2021. The data by the Ministry show that South Africa witnessed steepest increase in bilateral growth of 91.4%, reaching US$ 5.9 billion. In the case of Australia, India’s bilateral trade growth was recorded at 85%, reaching US$ 6.4 billion.
With some of the Asian trading partners, India’s growth in bilateral trade was lower comparatively. In January-September 2021, bilateral trade with Indonesia grew by 48.4% yoy, reaching US$ 6.1 billion, and in the case of Thailand, growth was 60% yoy, reaching US$ 3.8 billion. However, the major factor for the robust growth in trade is rise in commodity price such as metals, with oils witnessing surge in prices currently.
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