Before China, the UAE was the country's largest trading partner. The data showed that China was India's top trading partner since 2013-14 till 2017-18 and also in 2020-21. In 2022-23, India had a trade surplus of USD 28 billion with the US. whereas major imports from the US include petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc," Joshi said.Īmerica is one of the few countries with which India has a trade surplus. "Major export items from India to the US include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc. Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore, too said that India provides huge trade opportunities for the US as India is the world's third largest consumer market and the fastest growing market economy. "The bilateral trade between India and the US will continue to grow as our exporters are getting good orders from that country," Khan said. It imported goods worth $3.46 billion in the same period, putting it at a trade surplus against India.FIEO Vice President Khalid Khan said India is emerging as a trusted trading partner and global firms are reducing their dependence only on China for their supplies and are diversifying business into other countries like India. Interestingly, India was the 14th biggest export destination for Taiwan in 2021, amounting to just 1 per cent of the country's exports with a total value of $4.7 billion. The biggest export orders in the United States, the largest export destination for Taiwan aside from China, belonged to the categories of communication products, followed by electronics, metals, machineries, chemicals, plastics, and textiles. Malaysia imported goods worth $14.17 billion, Germany $8.2 billion, Netherlands $7.6 billion and Thailand $7.1 billion. $26.9 billion worth goods were exported to Hong Kong, $26.6 billion worth to Japan, goods amounting to $20.4 billion to South Korea and $14.5 billion worth goods to Vietnam. In terms of absolute numbers, the US imported goods worth $69 billion from Taiwan, the highest, while Hong Kong imported $62 billion worth of goods. South Korea, Vietnam, Malaysia, Germany, The Netherlands, and Thailand.Īs shown in the map below, the United States accounted for 15.45 per cent of Taiwan's total exports, followed by Hong Kong at 13.93 per cent, Singapore at 6 per cent. What is New Delhi’s game?Īccording to Taiwan's government ata, the country's exports amounted to $448 billion in 2021, over 25 per cent of which went to China.Īpart from that, the biggest export markets for Taiwan (in order from the highest) were the United States, Hong Kong (another region Beijing is making strides to put into its control), Singapore, Japan. While China's ban on imports of fish from Taiwan is unlikely to cause a major impact to the global economy, its increased military presence around Taiwan, coupled with its ban on export of natural sand to the world's semiconductor manufacturing hub, could have potentially devastating consequences for the world. Following the visit of US House Nancy Pelosi to Taiwan last week, the already strained relations between the the island country and mainland China, have soured considerably.ĭuring and after Pelosi's visit, China has put constant pressure on Taiwan, officially the Republic of China, imposing sanctions on trade and creating what is effectively a blockade in the waters surrounding it under the pretext of military exercices.
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