Consulate General of IndiaChicago
Serving the states of: Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, North Dakota, South Dakota, Wisconsin
India – U.S. Trade
India – US 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 goods 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 0.11% from $ 45.24 billion during the year 2014 to $ 44.74 billion during the year 2015. US exports of merchandise to India fell by 0.36% from $ 21.61 billion during the year 2014 to $ 21.53 billion during the year 2015. India - U.S. bilateral merchandise trade during the year 2015 was $ 66.27 billion.
Trade during the year 2015
i) Major items of export from India to US
Select major items with their percentage shares, are given below.
a) Textiles (17%)
b) Precious stones & metals (20.1%)
c) Pharmaceutical products (13.3%)
d) Mineral Fuel, Oil (6%)
e) Machinery (5.3%)
f) Organic chemicals (4.5%)
g) Vehicles, excluding railway (3%)
h) Electrical Machinery (2.8%)
ii) Major items of export from US to India
Select major items with their percentage shares, are given below
a) Precious stones & metals (30.5%)
b) Machinery (10%)
c) Electrical machinery (6.3%)
d) Optical instruments & equipment (6%)
e) Aircraft, spacecraft, Parts (6%)
f) Mineral Fuel, Oil etc (5.4%)
g) Organic chemicals (3.5%)
h) Edible fruits & nuts (3.3%)
Trends with respect to the major items of bilateral trade during the past two years are as follows.
India’s exports to US
Trends in the top 10 items of India’s Exports to the U.S.:
- During the year 2015, exports of Cut and polished diamonds and jewelry exports amounted to $ 9343 million as compared to $ 9522 million during the year 2014 which is a decrease of 1.9%.
- Pharmaceutical products exports grew by 23.7% to $ 5952 million, from $ 4812 million.
- Mineral Fuel oil exports fell by 42.1% to $ 2664 million from $ 4600 million.
- Machinery exports increased by 2.7% to $ 2374 million from 2313 million.
- Miscellaneous Textile articles grew by 8.2% from $ 2176 million to $ 2355 million.
- Woven apparel exports increased by 7.4% from $ 1941 million to $ 2085 million.
- Organic Chemicals exports fell by 10.3% accounting for $ 2018 million compared to $ 2250 million.
- Exports of Knitted apparel exports increased by 7.7% to $ 1621 million from $ 1505 million.
- Vehicles except railway exports grew by 23.6% to $ 1370 million from $ 1108 million.
- Electrical Machinery fell by 4.9% to $ 1271 million from $ 1337 million.
US exports to India
Trends in the top 10 items of US exports to India:
- During the year 2015 exports of Cut and polished diamonds and jewelry exports amounted to $ 6574 million as compared to $ 5335 million during the year 2014 which is a growth of 23.2%.
- Machinery exports grew by 2.6% from $ 2102 million to $ 2157 million.
- Electrical Machinery exports fell by 3.2% to $ 1350 million from $ 1394 million.
- Optical & Medical Instruments exports grew by 2.7%, accounting for $ 1297 million from $ 1263 million.
- Aircraft and parts exports fell by 56% to $ 1293 million from $ 2943 million.
- Mineral Fuel, oil fell by 7.6% to $ 1153 million from $ 1248 million.
- Organic Chemicals exports grew by 7.6% from $ 707 million to $ 760 million.
- Edible fruits and nuts exports grew by 28.7% to $ 712 million from $ 553 million.
- Miscellaneous Chemical products exports grew by 21.5% to $ 700 million from $576 million.
- Plastic Products grew by 1.1% from $ 657 million to $ 665 million.
India-US Midwest Trade & Economic Relations
Consulate General of India, Chicago serves the nine states of US Midwest i.e. Illinois, Indiana, Michigan, Minnesota, Missouri, North Dakota, Ohio, South Dakota, and Wisconsin. Illinois is the most populous of the states and North Dakota the least. Economically the region is balanced between heavy industry and agriculture, with finance and services such as medicine and education becoming increasingly important. Agriculture is one of the biggest drivers of local economies in the Midwest, accounting for billions of dollars worth of exports and thousands of jobs. The area consists of some of the richest farming land in the world. The region's fertile soil has made it possible for farmers to produce abundant harvests of grain and cereal crops, including corn, wheat, soybeans, oats, and barley, to become known today as the "breadbasket of the United States.
The amount of merchandise goods trade between India and US Midwest amounts to about 10% of the total India-US trade. In 2015, from January to November – the period for which trade figures are currently available- India imported goods worth US$ 1.8 billion from the nine states of US Midwest while she exported goods worth US$ 3.92 billion to them. Comparative trade figures are as under: