India’s exports to the US rose by 39 per cent year-on-year to $8.44 billion in January, while imports grew by 33.46 per cent to $3.57 billion, according to the commerce ministry data.
Cumulatively, the country’s exports to the US during April-January grew by 8.95 per cent to $68.46 billion against $62.84 billion in the same period previous fiscal, the data showed.
During 2021-24, America was the largest trading partner of India. The US is one of the few countries with which India has a trade surplus.
In 2023-24, the US was the largest trading partner of India with $119.71 billion bilateral trade in goods ( $77.51 billion worth of exports, $42.19 billion of imports and $35.31 billion trade surplus).
The increasing trade assumes significance as the two countries are aiming at $500 billion two-way commerce by 2030 and a trade agreement.