US overtakes China to be India's largest trade partner
India's Ministry of Commerce and Industry latest data shows that the US has become India's largest trading partner, exceeding China with bilateral trade reaching USD 119.42 billion.
India's major exports to the US include polished diamonds, pharmaceutical products, jewellery, light oil and petroleum, frozen shrimp, cosmetics and more. India's imports from the United States are mainly oil, liquefied natural gas, gold, coal, recycled products and scrap iron, large almonds, etc.
Indian experts believe that India's dependence on China for imports of manufactured goods shows no sign of easing.
China has not always been India's largest trading partner, and this is not the first time that the US has become India's largest trading partner. For a long time, China and India have maintained a relatively large trade deficit, while India has maintained a trade surplus with the US. Therefore, India has always regarded the US as an important export market.
In the light of the above facts, it is pertinent to examine what really happened to the US-India trade? Will Chinese products decrease in India? Will China-India trade and economy weaken?
India imports items ranging from small screws to large TVs, refrigerators and mobile phones are mostly Chinese products. These Chinese products are of high quality and low price and are almost unmatched by other countries.
China is often used by the Indian media to illustrate the way Chinese goods "invade" India. In particular, mobile phones and consumer electronics are the most obvious because of their cost-effectiveness and affordability.
But, in more invisible situations, such as in emerging information fields, the US dominates. Such as e-commerce Amazon, search engine Google, social media Facebook, Twitter and WhatsApp, etc.
The continuous strengthening of US-India trade relations is due to both the epidemic and India's attempt to "decouple" from China.