CURRENT AFFAIRS

Detailed explanation-1: -US emerges as India’s biggest trading partner in FY23 at $128.55 bn; China at second position. The bilateral trade between India and the United States has risen by 7.65% to reach $128.55 billion in the fiscal year 2022-23, making the United States India’s largest trading partner.

Detailed explanation-2: -According to the provisional data of the Commerce Ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.

Detailed explanation-3: -In 2022, China was the top trading partner of the United States based on import value. In that year, U.S. imports from China totaled to 536.8 billion U.S. dollars.