There have been two important developments in the merchandise exports of India recently. First, in fiscal year 2021-22, the country recorded its highest ever merchandise exports; and second, the US became our largest trading partner again. The US has been a large export destination for India, and exports to America grew by 43% in fiscal 2021-22 compared to the mostly pre-pandemic fiscal year 2019-20 (as fiscal 2020-21 saw trade shrink across the world on account of covid, it does not offer a useful comparison). These developments are significant, given the strong positive relationship between export growth and gross domestic product (GDP) performance. As expected, higher export growth has resulted in a robust rate of manufacturing growth—of more than 9% in 2021-22 compared to 2019-20. Understanding the US-India trade composition is also important, as the US is the only big trading partner with which we have a trade surplus.