Are you interested in trading products with countries like India or the USA? Exporting and importing goods to the USA and India is a great business idea. Over the years, Indian products have grown in popularity in the USA. Trade and investment relationships are critical aspects of U.S.-India relations. Some business groups and analysts observe the potential for the United States and India to enhance trade ties and engage on global and regional trade issues. This blog will briefly explore India and the U.S. key trade facts and trends and will help you understand the trade data of India and the USA.
In 2022, India's economy (as determined by nominal GDP) was the fifth-largest in the world. In 2023, it is expected to expand by 6.1%. India is promoting its G20 leadership in 2023 as evidence of its economic progress. One of the main components of the economy is services, mainly information technology (I.T.). The largest employer in India is agriculture.
India's economy has a sizable middle class, but it also faces issues with infrastructure, unemployment, and poverty. Under the supervision of Prime Minister Narendra Modi, He has implemented some major economic reforms with the aim of attracting FDI and positioning India as an alternative for businesses looking to expand their supply chain outside China
The potential to expand bilateral trade with India is considerable, and the country presents major prospects for American businesses. Indian multinational corporations and high-tech companies are usually equal to their international counterparts in elegance and prominence. Some industrial sectors, such as information technology, telecommunications, pharmaceuticals, textiles, and engineering, are widely acknowledged for their innovation and competitiveness.
India-U.S. bilateral relations have grown into a "global strategic partnership" based on shared democratic matters and a growing convergence of interests on bilateral, regional, and international issues. The emphasis established by the central government in India on development and good governance has created an opportunity to reactivate bilateral relations and improve collaboration under the taglines "ChaleinSaathSaath: Forward Together We Go" and "SanjhaPrayas, Sab ka Vikas" (Shared Effort, Progress for All)
Based on USA trade data, U.S. exports to India aggregated $40.1 billion in 2021, a 48.2% ($13.0 billion) increase from 2020; U.S. imports from India aggregated $73.3 billion, a 43.1% ($22.0 billion) increase; and the trade deficit was $33.1 billion, a 37.3% ($9.0 billion) increase from a deficit of $24.1 billion in 2020 as per US Import Data.
Approximately $191.8 billion in goods and services were traded between the United States and India in 2022, as per the USA Importers Database. The difference between exports and imports was $73.0 billion. In 2022, the United States trade deficit with India in goods and services was $45.7 billion.
The value of American goods delivered to India in 2022 was $47.2 billion, an increase of 113 percent from 2012 and 17.9 percent ($7.2 billion) from 2021. U.S. imports of commodities from India were $85.5 billion in 2022, up 111 percent from 2012 and 16.7 percent ($12.2 billion) from 2021, as per Indian import export data. In 2022, 2.3 percent of all American exports were to India. In 2022, the U.S. goods trade deficit with India was $38.4 billion, up $5 billion (15.2%) from 2021.
Based on US customs data, the estimated value of U.S. service exports to India in 2022 was $25.9 billion, over 131 percent ($7.4 billion) from 2012 levels and up 40.0 percent ($7.4 billion) from 2021 levels. The expected value of U.S. service imports from India in 2022 was $33.2 billion, 14.6 percent ($4.2 billion) higher than in 2021 and 77 percent more than in 2012.
Based on India Import and Export Data, bilateral trade between India and the U.S. has increased by 7.65 percent to $128.55 billion in 2022-23, up from $119.5 billion in 2021-22. In FY23, the trade between India and the U.S. stood at a record US$ 128.78 billion as against US$ 119.48 billion in FY22.
According to the India Import Data, imports increased by almost 16% to $50.24 billion, while exports to the U.S. increased by 2.81 percent to $78.31 billion in 2022–23 from $76.18 billion in 2021–22. India's two-way trade with China dropped from $115.42 billion in 2021–2022 to $113.83 billion in 2022–2023—a decrease of nearly 1.5%.
In 2022–2023, exports to China fell by nearly 28% to $15.32 billion, while imports increased by 4.16 percent to $98.51 billion. The trade deficit increased from $72.91 billion in 2021–2022 to $83.2 billion in the most recent fiscal year, based on Indian import export data.
According to experts, the trend of growing bilateral commerce with the U.S. will continue in the years to come as New Delhi and Washington work to strengthen their economic relationships further.
Did you know? The USA is the 3rd largest investor in India, with cumulative FDI inflows of US$ 60.19 billion in March 2023.
As per Export Data India, India's exports in April-December 2022 were valued at 16.11 percent over the same period last year (April-December 2021). As India's domestic demand has remained constant amidst the global recession, overall imports in December 2022 indicate a growth of 25.55 percent.
India's overall export (merchandise and services combined) was USD 61.82 billion in December 2022. The exports indicated a negative growth of (-) 5.26 percent over the same duration last year, as per India exports data. Overall imports in December 2022 were USD 73.80 billion, indicating a negative increase of (-) 1.95 percent over the same period the previous year.
In 2022, top U.S. goods exports to India included oil and gas, miscellaneous manufactured commodities, coal and petroleum gases, basic chemicals, waste and scrap, and aerospace products and parts, as per Indian export data.
According to Import Data US, the top U.S. imports from India included miscellaneous manufactured commodities, pharmaceuticals and medicines, apparel, basic chemicals, textile furnishings, and petroleum and coal products. Travel was the top U.S. export to India for services, and various business services were the utmost U.S. import from India. Defense sales are also significant in bilateral trade.
Global trade is paramount to a country's economy, contributing significantly to GDP. Despite the COVID-19 pandemic, India-U.S. cooperation noticed intense engagement under diverse bilateral dialogue mechanisms in numerous areas, including defense, security, health, trade, economics, science and technology, energy, and people-to-people ties.
Like all growing and advanced countries, India's trade record has sometimes required improvement as it has experimented with ways to expand exports. But in India's case, this has been from the position of a yearly deficit country regarding goods trade. A strategic India-US partnership in business, technology, and manufacturing, which could help balance China's economic development, is in both countries' long-term interests. Looking for a search HS code or updated HSN codes? If so, then visit Seair Exim Solutions and find the real-time import and export data and USA importers database instantly. Don't sit on it for a long period of time! Request a free live demo right now!
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