India – U.S. Trade
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India – U.S. Trade

India – U.S. Trade

Trade and commerce form a crucial component of the rapidly expanding and multi-faceted relations between India and U.S.

U.S. goods and services trade with India totaled an estimated $114.8 billion in 2016.

 

The strategic ties between the two countries appear to have grown even stronger after both the leaders Prime Minister Narendra Modi and President Donald Trump’s meeting in Washington in June, 2017.

 

Focusing on trade and maintaining healthy bilateral relations remained the focus of the meeting.

 

Trade figures at a glance

  

With exports at $42.0 billion and imports at $72.8 billion, the U.S. goods and services trade deficit with India was $30.8 billion in 2016.

India is currently the 9th largest goods trading partner with US with $67.7 billion in total (two way) goods trade during 2016. Goods exports totaled $21.7 billion; goods imports totaled $46.0 billion. The U.S. goods trade deficit with India was $24.3 billion in 2016.

Trade in services with India (exports and imports) totaled an estimated $47.2 billion in 2016. Services exports were $20.3 billion; services imports were $26.8 billion. The U.S. services trade deficit with India was $6.5 billion in 2016.

Exports

  • India was the United States' 18th largest goods export market in 2016.
     
  • U.S. goods exports to India in 2016 were $21.7 billion, up 1.1% ($237 million) from 2015 and up 124.2% from 2006.  U.S. exports to India account for 1.5% of overall U.S. exports in 2015.
     
  • The top export categories in 2016 were: precious metal and stone (diamonds) ($7.0 billion), machinery ($2.0 billion), optical and medical instruments ($1.3 billion), mineral fuels ($1.2 billion), and electrical machinery ($1.2 billion).
     
  • U.S. total exports of agricultural products to India totaled $1.3 billion in 2016, our 21st largest agricultural export market. Leading domestic export categories include: tree nuts ($522 million), cotton ($250 million), pulses ($144 million), fresh fruit ($72 million), and planting seeds ($32 million).
     
  • U.S. exports of services to India were an estimated $20.3 billion in 2016, 12.3% ($2.2 billion) more than 2015, and 211% greater than 2006 levels.  Leading services exports from the U.S. to India, in 2015, were in the travel, transport, and intellectual property (computer software, audio and visual related products) sectors.

Imports

  • India was the United States' 9th largest supplier of goods imports in 2016.
     
  • U.S. goods imports from India totaled $46.0 billion in 2016, up 2.7% ($1.2 billion) from 2015, and up 110.7% from 2006.  U.S. imports from India account for 2.1% of overall U.S. imports in 2015.
     
  • The top import categories (2-digit HS) in 2016 were: precious metal and stone (diamonds) ($11 billion), pharmaceuticals ($7.4 billion), mineral fuels ($2.4 billion), miscellaneous textile articles ($2.3 billion), and machinery ($2.1 billion).
     
  • U.S. total imports of agricultural products from India totaled $2.1 billion in 2016, our 20th largest supplier of agricultural imports. Leading categories include: spices ($279 million), rice ($158 million), tree nuts ($157 million), essential oils ($151 million), and processed fruit & vegetables ($114 million).
     
  • U.S. imports of services from India were an estimated $26.8 billion in 2016, 8.6% ($2.1 billion) more than 2015, and 280% greater than 2006 levels.  Leading services imports from India to the U.S., in 2015, were in the telecommunications, computer, and information services, travel, and research and development sectors.

Trade Balance

  • The U.S. goods trade deficit with India was $24.3 billion in 2016, a 4.2% increase ($970 million) over 2015.
     
  • The United States has a services trade deficit of an estimated $6.5 billion with India in 2016, up 1.5% from 2015.

Investment

  • U.S. foreign direct investment (FDI) in India (stock) was $28.3 billion in 2015 (latest data available), a 4.4% increase from 2014. U.S. direct investment in India is led by prof., scientific, and tech. services, manufacturing, and wholesale trade.
     
  • India's FDI in the United States (stock) was $9.3 billion in 2015 (latest data available), up 3.7% from 2014. India's direct investment in the U.S. is led by prof., scientific, and tech. services, depository institutions, and manufacturing.
     
  • Sales of services in India by majority U.S.-owned affiliates were $22.7 billion in 2014 (latest data available), while sales of services in the United States by majority India-owned firms were $13.4 billion.
     

U.S. Goods and Services Trade with India (in billions of dollars)

 

1995

2000

2006

2011

2012

2013

2014

2015

2016

Total

11.2

19.1

45.1

86.9

93.7

97.3

104.4

109.0

114.8

Exports

4.6

6.5

16.2

33.3

34.4

35.1

36.7

39.6

42.0

Imports

6.6

12.6

28.9

53.5

59.3

62.2

67.7

69.5

72.8

Balance

-2.0

-6.1

-12.7

-20.2

-24.9

-27.1

-31.0

-29.9

-30.8

U.S. Goods Trade with India (in billions of dollars)

 

1995

2000

2006

2011

2012

2013

2014

2015

2016

Total

9.0

14.4

31.5

57.7

62.6

63.6

66.9

66.2

67.7

Exports

3.3

3.7

9.7

21.5

22.1

21.8

21.5

21.5

21.7

Imports

5.7

10.7

21.8

36.2

40.5

41.8

45.4

44.8

46.0

Balance

-2.4

-7.0

-12.2

-14.6

-18.4

-20.0

-23.9

-23.3

-24.3

U.S. Agricultural Trade with India (in billions of dollars)

 

 

2006

2011

2012

2013

2014

2015

2016

   

Total

1.4

3.4

6.2

4.4

4.2

3.9

3.4

   

Exports

0.4

0.7

0.9

0.9

1.1

1.2

1.3

   

Imports

1.0

2.7

5.4

3.5

3.2

2.7

2.1

   

Balance

-0.7

-1.9

-4.5

-2.6

-2.1

-1.5

-0.8

   

U.S. Manufacturing Trade with India (in billions of dollars)

 

2006

2011

2012

2013

2014

2015

2016

   

Total

29.1

52.7

57.3

58.8

61.4

60.5

61.9

   

Exports

8.5

18.3

19.0

19.5

18.9

18.5

18.8

   

Imports

20.6

34.3

38.4

39.4

42.5

41.9

43.0

   

Balance

-12.1

-16.0

-19.4

-19.9

-23.6

-23.4

-24.2

   

U.S. Services Trade with India (in billions of dollars)

 

1995

2000

2006

2011

2012

2013

2014

2015

2016

Total

2.2

4.7

13.6

29.2

31.1

33.7

37.5

42.8

47.2

Exports

1.3

2.8

6.5

11.8

12.3

13.3

15.2

18.1

20.3

Imports

0.9

1.9

7.1

17.4

18.8

20.4

22.4

24.7

26.8

Balance

0.5

0.9

-0.5

-5.6

-6.5

-7.1

-7.2

-6.6

-6.5


Last Updated: March 22, 2017*

Source: https://ustr.gov/countries-regions/south-central-asia/india

 

Top Import Export Categories 2015 -2016


i) Major items of export from India to US 

1. Diamond

2. Jewelry

3. House Linen

4. Refined Petroleum

5.Packaged Medicament

6. Vehicles

7. Cretacean

8. Vegetables

 

ii) Major items of export from US to India 

1. Gold

2. Diamond

3. Aircraft parts

4. Coal briquettes

5. Gas turbine

6. Telephones

7. Scrap iron

8. Nuts

 

2017: U.S. trade in goods with India

NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Table reflects only those months for which there was trade.

 

2017: U.S. trade in goods with India

 

Month

Exports

Imports

Balance

January 2017

1,703.0

3,791.9

-2,089.0

February 2017

1,937.8

3,474.3

-1,536.5

March 2017

2,114.5

4,143.9

-2,029.4

April 2017

1,939.4

3,730.5

-1,791.1

TOTAL 2017

7,694.7

15,140.6

-7,445.9

 

Source: https://www.census.gov/foreign-trade/balance/c5330.html

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