China urged to deepen Asean ties as US becomes India’s biggest trading partner

Name: India halts wheat exports as food security threatened by heatwave, Ukraine war
Uploaded: 2022-05-30T11:30:15.000Z
Duration: 1 min 29 s
Description: India halts wheat exports as food security threatened by heatwave, Ukraine war

The value of merchandise trade between the United States and India rose by 48.3 per cent to US$119.4 billion in the 2021-22 financial year

Indian imports from China rose 44.4 per cent to US$94.2 billion, but its China-bound shipments grew only 0.3 per cent to US$21.3 billion

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China lost its title as India’s biggest trading partner to the US last year. Photo: AFP

Frank TangandJi Siqi

Published: 7:30pm, 30 May 2022

Fast growing trade between India and the United States has raised eyebrows in China, fuelling concern that the Biden administration is moving swiftly to use its new Indo-Pacific Economic Framework to contain the world’s No 2 economy.

China lost its title as India’s biggest trading partner to the US last year, according to new data from the Indian Ministry of Commerce and Industry.

The value of merchandise trade between the world’s two most populous countries reached a high of US$115.4 billion in the 2021-22 financial year that ended in March, an increase of 33.6 per cent from a year earlier.

But it was surpassed by trade with the US, which rose 48.3 per cent to US$119.4 billion.

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India halts wheat exports as food security threatened by heatwave, Ukraine war

Indian imports from China, mainly machines and electronics, rose 44.4 per cent to US$94.2 billion, but its China-bound shipments grew only 0.3 per cent to US$21.3 billion.