India USA Deal / India beat China, another achievement, possible due to America

India USA Deal: America has become India's largest trading partner in the last financial year 2022-23. Trade between the two countries stood at $128.55 billion during this period. This shows that the economic relations between the two countries are getting stronger. Bilateral trade between India and the US is set to grow by 7.65 per cent to $128.55 billion in 2022-23, according to the provisional data of the Ministry of Commerce. In the previous financial year (2021-22), the bilateral trade of the two countries was $ 119.5 billion, while in 2020-21 it was only $ 80.51 billion. According to the data, exports from India to the US are set to grow by 2.81 per cent to $78.31 billion in FY 2022-23 from $76.18 billion in 2021-22. Imports from the US in India increased by 16 percent during this period to $ 50.24 billion. On the other hand, India-China trade in 2022-23 declined by 1.5 percent to $113.83 billion from $115.42 billion in the previous year.

Decline between India and China

Exports from India to China are set to decline by 28 per cent to $15.32 billion in 2022-23, while imports are expected to grow by 4.16 per cent to $98.51 billion. India's trade deficit with China is set to increase to $83.2 billion in 2022-23 from $72.91 billion in the previous year. Experts believe that the trend of growing bilateral trade with the US will continue in the coming years. Simultaneously, India and the US are continuously working to further strengthen economic ties. Going back a bit and looking at the trade activities between 2021-2022, it is found that China accounted for 11.19 percent of India's total trade ($1035 billion) and it is India's second largest trading partner after the US ($119.48 billion). Largest trading partner. However, the major difference between trade with the world's two largest economies was that India had a trade surplus of $32.85 billion with the US, while it had a trade deficit of $73.31 billion with China, the largest for any country. Is. India's trade deficit with China during 2021-2022 is expected to double from last year's level ($44.02 billion) and is the highest ever.

Russia becomes India's largest crude oil supplier

According to energy shipments tracker Vortexa, Russia remained India's largest crude oil supplier for the sixth month in a row. Russia accounts for more than one-third of India's crude oil imports. Crude oil is converted into petrol and diesel in refinery units. Refineries are buying Russian oil, available at a discounted price compared to other grades. Before the Russia-Ukraine conflict broke out in February 2022, Russia's market share in India's crude oil imports was less than one per cent. India's crude oil imports from Russia increased to 1.64 million barrels per day in March.