According to the provisional data of the commerce ministry, which country has  emerged as India's biggest trading partner in FY23 at $128.55 billion?

Solution

According to the provisional data of the commerce ministry, The bilateral trade between India and the US has increased by 7.65 per cent to $128.55 billion in 2022-23 as against $119.5 billion in 2021-22 and US emerged as India's biggest trading partner in FY23 followed by China. In 2022-23, the UAE with $76.16 billion, was the third largest trading partner of India.   It was followed by Saudi Arabia ($52.72 billion), and Singapore (USD 35.55 billion).  Exports to the US rose by 2.81 per cent to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16 per cent to $50.24 billion.   During 2022-23, India's two-way commerce with China declined by about 1.5 per cent to $113.83 billion as against $115.42 billion in 2021-22.