India-US Bilateral Trade Grew 173% Over The Last Decade

by GoNews Desk 3 years ago Views 3313

India-US Bilateral Trade Grew 173% Over The Last D
There is a sentiment of a boycott of Chinese goods in the country and the reason behind this is the ongoing escalation on the Ladakh border. Meanwhile, US Secretary of State Mike Pompeo and Defence Secretary Mark Espar is in India to discuss key issues including China. The US has always described India as a top trading partner and statistics also show that the trade between the two countries is booming.

In 2019, the trade turnover between India and the US amounted to $146.1 billion. While India exported $87.4 billion in goods and services to the US, the US exported goods and services worth $58.6 billion to India. Simply put, there was a trade surplus of $28.8 billion between India-US, which was in the favour of India.

India was the US’ 12th largest goods export market in 2019. US goods exports to India in 2019 were $34.3 billion, up 3.3% ($1.1 billion) from 2018 and up 109% from 2009. However, India still accounts for a meagre 2.1% of overall US exports to the world. India buys mineral fuels ($8.2 billion), precious metal and stone (diamonds) ($ 6.4 billion), aircraft ($ 2.8 billion), machinery ($ 2.4 billion), and organic chemicals ($ 1.9 billion) from the US.

India was the US’ 10th largest supplier of goods imports in 2019. Exports from India to the US market totalled $ 57.7 billion in 2019, up 6.3 percent (3.4 billion) from 2018 and 173% over 2009.

The top imports in 2019 were precious metal and diamond ($11 billion), pharmaceuticals ($7.6 billion), machinery ($3.7 billion), mineral fuel ($3.6 billion), and organic chemicals ($2.8) billion).

Moreover, American investors are also investing heavily on India in scientific and technical services, manufacturing and wholesale trade. US Foreign Direct Investment in India was $45.9 billion in 2019, an 8.1% increase from 2018.

The bilateral trade between the US and India began following the nuclear deal in 2019, after which the US lifted many restrictions.

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