India – US Bilateral Trade
Trade and commerce form a crucial component of the rapidly expanding and multi-faceted relations between India and U.S. From a modest $ 5.6 billion in 1990, the bilateral trade in merchandise has increased to $ 66.3 billion in 2015 representing an impressive 1084% growth in a span of 25 years.
India’s merchandise exports to the U.S. fell by 1.2% from $ 15.18 billion during the period Jan. - Apr. 2015 to $ 15 billion during the period Jan. - Apr. 2016. US exports of merchandise to India fell by 4% from $ 6.92 billion during the period Jan. - Apr. 2015 to $ 6.65 billion during the period Jan. - Apr. 2016. India - U.S. bilateral merchandise trade during the period Jan. - Apr. 2016 was $ 21.65 billion.
As far as Trade in Services is concerned, complete data is available up to the year 2013. During the year 2013, India’s exports to the U.S. (including to affiliates) was US $ 31.22 million and India’s imports from the U.S. (including from affiliates) was US $ 34.85 billion. The India – U.S. bilateral Trade in Services during the year 2013 was US $ 66.07 billion.
Trends in the top 10 merchandise items of India’s Exports to the U.S.:
- During the period Jan. - Apr.2016, exports of Cut and polished diamonds and jewelry exports amounted to $ 3304 million as compared to $ 3018 million during the period Jan. – Apr. 2015 which is an increase of 9.5%
- Pharmaceutical products exports grew substantially by 52.4% to reach $ 2603 million, from $ 1707 million
- Woven apparel exports increased by 2.3% from $ 832 million to $ 850 million
- Textile articles fell by 2.4% from $ 781 million to $ 763 million
- Organic Chemicals exports fell by 7.8% accounting for $ 719 million compared to $ 780 million
- Machinery exports fell by 23.3% from $ 877 million to $ 673 million
- Mineral Fuel oil exports fell by 31.9% to $ 617 million from $ 906 million
- Exports of Knitted apparel exports fell by 0.3% to $ 585 million from $ 587 million
- Vehicles except railway grew by 2.2% to $463 million from $ 453 million
- Electrical machinery exports grew by 0.8% to $ 437 million from $ 433 million
Trends in the top 10 merchandise items of U.S. Exports to India:
- During the period Jan. - Apr. 2016 exports of Cut and polished diamonds and jewelry exports amounted to $ 1937 million as compared to $ 2118 million during the period Jan. - Apr. 2015 which is a decrease of 8.5%
- Machinery exports fell by 12.8% from $ 759 million to $ 662 million
- Optical & Medical Instruments exports grew by 5.5%, accounting for $ 444 million from $ 421 million
- Electrical Machinery exports fell by 14.9% to $ 412 million from $ 483 million
- Mineral Fuel, oil fell by 34.6% to $ 345 million from $ 528 million
- Aircraft and parts exports fell by 25.9% to $ 288 million from $ 388 million
- Organic Chemicals exports grew by 6.2% from $ 238 million to $ 253 million
- Plastic Products exports grew by 13.3% from $ 202 million to $ 229 million
- Miscellaneous Chemical products exports grew by 8.4% to $191 million from $176 million
- Iron and Steel grew substantially by 31% to $ 171 million from $ 130 million.