United States continues to be the Top Trading Partner of India in 2019-20
As per the data from the Union Ministry of Commerce and Industry, the United States remains as the top trading partner of India during the Financial Year 2019-20.
This is the second consecutive Financial Year that the United States has become the top trading partner of India (in Financial Year 2018-19 United States surpassed the People’s Republic of China to become the top trading partner of India), indicating the continuously increasing economic ties between both the countries.
A potential Trade Deal is under negotiations between the United States and India, it is expected that before the United States Presidential Elections in November 2020, a Trade Deal is most likely to be signed.
Highlights from the Data
- The Bilateral Ties between India and the United States have increased marginally in 2019-20 Financial Year as Compared to the 2018-19 Financial Year. In 2018-19 Bilateral Ties were at USD 87.96 billion, while in 2019-20 it was USD 88.75 billion.
- India continues to maintain a trade surplus over the United States as the trade deficit of the United States in Financial Year 2019-20 was USD 17.42 billion. In 2018-19 United States trade deficit was USD 16.86 billion.