Home Business Times The US Remains India Top Trading Partner

The US Remains India Top Trading Partner

31
0
The US Remains India Top Trading Partner
68 / 100

Source: Google

By Somanath Sahu

Trade experts believe that the trend of widening trade ties between NEW DELHI and WASHINGTON will continue in the coming years. Also as both, sides are engaged in further deepening the economic ties.

According to the data of the commerce ministry, in 2019-20 the bilateral trade between the US and India stood at $88.75 billion as against $87.79 billion in 2018-19.

The US remains India’s top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the countries.

Biswajitdhar, professor of economics at Jawaharlal Nehru University, said, “The presence of Indian diaspora is creating demand for Indian goods such as consumer items and we are supplying that. A balanced trade deals with further boost economic ties.”

China was India’s top trading partner since 2013-14 till 2017-18. Before China, UAE was the country’s largest trading partner. The bilateral trade between India and China has dipped to $81.87 billion in 2019-20 from $87.08 billion in 2018-19.

Ludhiana –based hand tools association president Subhash Chander Ralhan said there is huge potential to boost bilateral trade between the countries on account of increasing anti-china sentiment in both the nations.

Because of it, several US companies are exploring the news suppliers in countries like India to cut depends on china and if it will happen then it will greatly help India to boost exports to the US

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 15

No votes so far! Be the first to rate this post.

LEAVE A REPLY

Please enter your comment!
Please enter your name here