US goods and services trade with India totaled an estimated $114.8 billion in the year 2016.
FEATURES
- The partnership provides some more transparent US licensing arrangements for Indian imports of sensitive items and technology.
- The relation was boosted with the conclusion of an open skies arrangement between two nations in 2005.
- India US Agricultural Alliance agreed concentrates on promoting teaching, research, service, and commercial linkages.
2016 DATA
EXPORTS
The top exports categories were:
- Diamonds ( precious metal and stones)
- Machinery
- Optical and Medical Instruments
- Electrical machinery
- Mineral fuels
The total exports of agricultural products to India was around $ 1.3 billion which is the 21st largest Export market.
Domestic export categories include :
- Cotton ( $ 250 million)
- Fresh fruit ( $ 72 million)
- Planting seeds 9 $ 32 million )
- Pulses ( $144 million)
- Tree nuts ($ 522 million)
India was the United State’s 18th largest goods export market.
IMPORTS
The import categories from India were:
- Pharmaceuticals ( $ 7.4 billion)
- Mineral fuels ( $ 2.4 billion )
- Precious metal and stone ( diamonds) ( $ 11 billion )
- Miscellaneous textile articles ( $ 2.3 billion )
- Machinery ( $2.1 billion )
Service imports from India is around $ 2.6 billion , $ 2.1 billion in 2015.
Leading service import categories in 2015 were:
- Travel
- Computer
- Telecommunications
- Information services
- Development sectors
- Research
India was the United State’s 9th largest supplier of goods imports in 2016.
India was the 20th largest supplier of agricultural imports to US.
INVESTMENT
- United States Foreign Direct Investment (FDI) in India (stock) was $ 28.3 billion in India which is an increase in 4.4 % scientific and tech services, manufacturing and wholesale trade.
- India’s FDI in US was $9.3 billion in 2015 which is an increase in 37% from 2014.
TRADE
- US has a service trade deficit of around $ 6.5 billion with India in 2016 which is an increase in 1.5 % from 2015.
- US goods trade deficit with India was $ 24.3 billion in 2016, an increase of 42 % from 2015.
It is the significant aspect of the global and strategic partnership existing between the two countries.
CONCLUSION
As per the sources, IMF, India’s population was 1.3 billion in 2016 with having its real GDP of around 76% and India GDP (Current market exchange rates) was estimated around $ 2.3 trillion. During goods trade, India was 9th largest goods trading partner.