Which of the following nations was India’s top trading partner in the financial year 2019-20?
The US
India's Top Trading Partner in Financial Year 2019-20
The question asks about India's leading trading partner during the financial year 2019-20. Understanding international trade relationships is crucial for economics and general knowledge.
Analysing India's Trade Partners in FY 2019-20
For the financial year spanning from April 2019 to March 2020, official trade data indicates a shift in India's top trading partner. Historically, China had held this position for several years. However, in FY 2019-20, trade patterns evolved.
Based on the data for FY 2019-20:
- The United States emerged as India's largest trading partner.
- This development saw the US overtake China in terms of total bilateral trade value.
- The increase in trade with the US was primarily driven by a rise in India's exports to the US market.
Trade Data Comparison (FY 2019-20)
While exact figures can vary slightly depending on the source (e.g., Ministry of Commerce data), the overall trend shows the US surpassing China.
| Country | Bilateral Trade Value (Approx. FY 2019-20) | Rank in FY 2019-20 |
|---|---|---|
| The US | $88-89 billion | 1 |
| China | $81-82 billion | 2 |
This table highlights the approximate trade values that positioned the US as the top partner for India in FY 2019-20, ahead of China.
Conclusion on India's Top Trading Partner
Considering the official trade statistics for the financial year 2019-20, the nation that served as India's top trading partner was the United States.
Revision Table: Key Trade Partners
| Financial Year | India's Top Trading Partner | Key Change/Note |
|---|---|---|
| FY 2018-19 | China | Historically the largest partner |
| FY 2019-20 | The US | US surpasses China |
Additional Information: India-US Trade Dynamics
The increase in trade between India and the US reflects growing economic ties and strategic partnership. Key aspects of this trade relationship include:
- Exports from India to US: Major items include gems and jewellery, pharmaceuticals, machinery, textiles, and agricultural products.
- Imports to India from US: Significant imports include machinery, electronics, chemicals, coal, and transportation equipment.
- Services Trade: The US is also a major partner for India in services trade, particularly IT and business services.
Understanding these dynamics provides deeper insight into the significance of the US becoming India's top trading partner in FY 2019-20.
Important Questions from Indexes and Reports
According to the Forest Survey Report, 2021, area-wise which one of the following States have the largest forest cover in India?
According to the Travel and Tourism Competitiveness Index (TTCI) 2017, released by the World Economic Forum, among the 136 economies across the world, India ranked
Which of the following banks features in the Fortune Global 500 list 2021?
Which among the following is NOT a human capital?
Which of the following countries is the second largest cotton producer in the world as of October 2020?
