US trade with India on the rise

The 2014 US foreign trade figures  detailing trade in goods with India are out, and the combined figure for exports and imports is close to $67 billion – a new record in the history of bilateral business between the new nations.

Similar to previous years, imports from India trumped exports by a significant margin, with a total balance of over $23.6 billion. The differential is a sizable increase over the $20 billion sum disclosed for 2013, mostly due to a $3.4 billion increase in India consignments to the United States.

Total imports from India in 2014 leveled at about $45.23 billion, while exports from the U.S. going the other way weighed in at about $21.63 billion.

While political relations have had their ups and downs over the years, commerce has formed the crucial backbone of India-U.S. relations. According to the Indian Embassy in Washington D.C., trade between the two nations was appraised at $5.6 billion in 1990, meaning bilateral economic exchange has increased by an impressive 1093.85 percent over the past quarter of a century.

The Indian Embassy also provided data detailing the major components of trade between India and the United States. Major imports from India include textiles precious stones and metals (21 percent), (15 percent), pharmaceuticals (10.7 percent), fuel and oil (10.5 percent), machinery, (5 percent), and organic chemicals (4.9 percent).

Among the items most frequently sent from the U.S. to India are precious stones and metals (25.1 percent), aircraft and spacecraft parts (13 percent), machinery (9.5 percent), (5.9 percent), optical instruments and equipment (5.8 percent), and plastic products (3.1 percent).

 

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Posted by on Feb 18 2015. Filed under Community, Indian News, world News. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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