6.6.15

India-USA trade to reach $500 billion

.
.
.
.
A lot of hard work and promotion has to be undertaken both in the USA and in India for this target to be realized.

After Canada, China and the EU India will become the next biggest trading partner.

Exports
.
India was the United States' 18th largest goods export market in 2013.
.

U.S. goods exports to India in 2013 were $21.9 billion, down 1.0% ($230 million) from 2012, but up 339% from 2003. U.S. exports to India account for 1.4% of overall U.S. exports in 2013.
.

The top exports categories (2-digit HS) in 2013 were: Precious Stones (diamonds and gold) ($5.8 billion), Aircraft ($3.0 billion), Machinery ($2.3 billion), Electrical Machinery ($1.3 billion), and Optic and Medical Instruments ($1.3 billion).
.

U.S. exports of agricultural products to India totaled $863 million in 2013. Leading categories include: tree nuts ($369 million), pulses ($103 million), cotton ($90 million), and fresh fruit ($82 million). 
.

U.S. exports of private commercial services* (i.e., excluding military and government) to India were $11.9 billion in 2012 (latest data available), 6.1% ($690 million) more than 2011, and 269% greater than 2002 level. Other private services (education and business, professional and technical services), and travel categories accounted for most of the U.S. services exports to India.
.
Imports
.
India was the United States' 10th largest supplier of goods imports in 2013.
.

U.S. goods imports from India totaled $41.8 billion in 2013, up 3.2% ($1.3 billion) from 2012, and up 220% from 2003. U.S. imports from India account for 1.8% of overall U.S. imports in 2013.
.

The five largest import categories in 2013 were: Precious Stones (diamonds) ($9.2 billion), Pharmaceutical Products ($4.5 billion), Mineral Fuel (oil) ($3.9 billion), Organic Chemicals ($2.2 billion), and Miscellaneous Textile Articles ($2.1 billion).
.

U.S. imports of agricultural products from India totaled $3.5 billion in 2013, the 5th largest supplier of Ag imports. Leading categories include: tree nuts ($286 million), spices ($231 million, essential oils ($177 million), rice ($167 million), and vegetable oils ($93 million).
.

U.S. imports of private commercial services* (i.e., excluding military and government) were $18.5 billion in 2012 (latest data available), up 6.1% ($1.1 billion) from 2011, and up 930% from 2002. The other private services (business, professional and technical services), and the travel categories accounted for nearly all of U.S. services imports from India.
.
Trade Balance
.

The U.S. goods trade deficit with India was $20.0 billion in 2013, a 8.4% increase ($1.5 billion) over 2012. The U.S. goods trade deficit with India accounted for 2.9% of the overall U.S. goods trade deficit in 2013.
.

The United States has a services trade deficit of $6.6 billion with India in 2012 (latest data available), up 6.1% from 2011.
.
Investment
.

U.S. foreign direct investment (FDI) in India was $28.4 billion in 2012 (latest data available), a 15.3% increase from 2011.
.

U.S. direct investment in India is led by professional, scientific, technical services, manufacturing finance/insurance, and the information sectors.
.

India FDI in the United States (stock) was $5.2 billion in 2012 (latest data available), up 6.7% from 2011.
.

India direct investment in the U.S. is primarily concentrated in the professional, scientific, and technical services, and banking sectors.
.
Sales of services in India by majority U.S.-owned affiliates were $16.4 billion in 2011 (latest data available), while sales of services in the United States by majority India-owned firms were $9.3 billion.

SOURCE: Office of the United States Trade Representative.
___________________________________________________

Indo-US business poised to grow fivefold: USIBC

.


Times of India

The bi-lateral trade between India and the United States is poised to grow fivefold from the current $100 billion to $500 billion, a Indo-US business body has said.

"Trade between the United States and India is poised to grow from $100 billion to the $500 billion in the next few years," said Mukesh Aghi, president of the US-India Business Council (USIBC) on Wednesday.

USIBC member companies are united in their efforts and actions to build both the Indian and US economies as attractive destinations for investment and to create jobs and opportunities for citizens to grow and prosper, he said.  

"To turn this vision into reality, we need a strong foundational relationship between governments and businesses," Aghi said.

Meanwhile, USIBC had hosted a executive committee briefing for the US ambassador to India Richard Verma.