Because of growing economic ties between the two countries, the United States has emerged as India's largest trading partner in 2022-23.

According to preliminary data from the commerce ministry, bilateral trade between India and the United States increased by 7.65% to $128.55 billion in 2022-23, up from $119.5 billion in 2021-22. In 2020-21, it was $80.51 billion.

Exports to the US increased by 2.81 percent to $78.31 billion in 2022-23, compared to $76.18 billion in 2021-22, while imports increased by about 16 percent to $ 50.24 billion, according to the data.

In contrast, India's two-way trade with China fell by about 1.5% in 2022-23, to $113.83 billion from $115.42 billion in 2021-22.

Experts believe that the trend of increasing bilateral trade with the United States will continue in the coming years, as New Delhi and Washington work to strengthen their economic ties.

According to A Sakthivel, President of the Federation of Indian Export Organisations (FIEO), increasing exports of goods such as pharmaceuticals, engineering, and gems and jewellery are assisting India in pushing its shipments to America.

Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore, agreed that India offers significant trade opportunities for the United States because it is the world's third largest consumer market and the fastest growing market economy.

"Major exports from India to the United States include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen prawns, made ups and so on," Joshi explained. "Major imports from the United States include petroleum, rough diamonds, liquefied natural gas, gold, coal, waste and scrap, almonds and so on."

One of the few countries with which India has a trade surplus is the United States. In 2022-23, India had a trade surplus with the United States of $28 billion.