As we all know, the most exciting and rapidly growing medium for business transactions in India is e-commerce. The Indian e-commerce market is anticipated to increase from US$48.5 billion in 2018 to US$200 billion in 2026, as per India trade data. The increased use of smartphones and the internet has been the catalyst for this growth. Top American businesses may now more easily access Indian consumers thanks to e-commerce, which has also emerged as one of the fastest-growing trade channels for international trade in products and services. This blog briefly discusses e-commerce trade between India and the US.
The U.S. became India's biggest trading partner in 2022–23 because of the increasing economic partnership between the two countries.
Trade between India and the United States has grown rapidly in recent years, and the US is now India's largest trading partner. In 2022–23, bilateral trade between the two countries reached $128.55 billion, up from $119.5 billion in 2021–22, based on US Import Data.
As per India Export Data, India's exports to the US include pharmaceuticals, gems and jewellery, engineering goods, textiles, and agricultural products. US exports to India include machinery and equipment, chemicals, electronics, and vehicles.
Some of the key sectors driving trade between India and the US include:
The growth of trade between India and the US has been mutually beneficial for both countries. It has helped to create jobs, boost economic growth, and promote innovation. The two countries are also working to deepen their trade and economic ties through initiatives such as the US-India Strategic Partnership Forum and the US-India Comprehensive Economic Partnership Agreement (CEPA).
According to Indian export and import data, the top export products from the USA to India in 2022 were:
E-commerce trade between India and the US is growing rapidly, driven by a number of factors, including a growing middle class in India, rising incomes, and the increasing availability of reliable internet access.
In 2021, the value of e-commerce trade between India and the US will reach $10.5 billion, up from $5.5 billion in 2019, as per US Import Data. This growth is expected to continue in the coming years, as the Indian e-commerce market is projected to reach $350 billion by 2026.
Also, the Indian government wanted to surpass the quantity of exports through its portal. The growing trade between the countries will largely depend on the factors to consider,
India's e-commerce industry is expected to surpass the US by 2034, according to a report by Shiprocket X. This is due to a number of factors, including:
India has a rapidly growing middle class, which is driving demand for e-commerce goods and services. According to a report by the Pew Research Center, the Indian middle class is expected to reach 563 million people by 2030.
Overall, the Indian e-commerce industry is well-positioned to surpass the US by 2034. The factors listed above, along with the other trends mentioned, will likely contribute to the continued growth of the Indian e-commerce market in the coming year.
According to US Imports Data, the major products traded between India and the US through e-commerce includes:
While e-commerce trade between India and the US is growing rapidly, businesses need to be aware of several challenges. One challenge is the high cost of shipping goods from the US to India. Another challenge is the complex regulatory environment in India.
However, there are also a number of opportunities for businesses that are able to overcome these challenges. The Indian e-commerce market is growing rapidly, and there is a large and growing middle class with disposable income. Additionally, the Indian government is supportive of e-commerce development.
The Indian government is taking a number of steps to support the development of e-commerce in India. For example, the government has simplified the process of importing goods through e-commerce platforms. Additionally, the government has launched a number of initiatives to promote e-commerce exports from India.
To find the updated US Importer Database, Seair Exim Solutions is the best platform to analyze market trends and update information regarding US imports data. We provide authentic and relevant India import Data, India export Data, and HS codes. If you need any type of assistance regarding India import export data, our data experts always provide valuable and authentic trade data to explore your business globally.
In conclusion, E-commerce trade between India and the US is a growing opportunity for businesses on both sides. Businesses that are able to overcome the challenges and take advantage of the opportunities in this market can be well-positioned for success.
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