THE US BECAME THE TOP EXPORT ACCOMPLICE OF INDIA IN 2022 – COMPLETE INSIGHTS

 

MUTUAL COORDINATION AND TRADE RELATIONS BETWEEN INDIA AND THE US

The mutual relations and coordination between the two nations are very good and respectable. Both nations support each other and discuss together on major issues like terrorism, showcasing distrust on Pakistan’s nuclear program, or the Indo-pacific tensions.

As far as US Trade Data for the year 2022 is concerned, the US was the major trading partner of India, whereas India was the 7th biggest trade partner of the US. According to the US Export Data for the year 2017, the nation exported goods worth USD 25.7 billion to India and in return, it imported goods worth USD 48.6 billion. As far as the main import items are concerned from India, then they were IT services, textiles and merchandise, machines, precious gems, and steel products. On the other hand, India mainly imported aircraft, hardware systems of computers, fertilizers, and waste/scrap metal from the US.

Moreover, in the year 2005, the prime minister of India, Manmohan Singh, and the President of the US, Bush developed a new program named Trade Policy Forum. This forum is taken forward by the official of each nation. The primary goal of this idea was to give a significant boost to the already existing bilateral trade between the two countries and boost US Trade Data and Indian Data respectively.

GROWING BOND BETWEEN INDIA AND THE US

Due to the rising bond and trade relations between the US and India, the US has been declared as India’s most famous export destination for textiles, apparel, and merchandise in the year 2022. In the span of 9 months, the total exports of these products touched the record level of USD 59.7 billion.

As per the statement of Indian commerce and industry minister, Piyush Goyal, the government of India has taken very crucial and important steps to promote the exports of the country. A few of the major steps taken by the government are the extension of the existing foreign trade policy till 31st March 2023 and the extension of the interest equalization scheme.

As far as the latest numbers are considered, then in November 2022, total exports made by the US as per US Export Data concerned to India were worth USD 4.13 billion. On the other hand, the US Import data for the same time span tells that the US imported goods worth USD 6.25 billion from India. On comparing the current figures with the figures of November 2021, we got to know that the US Export Data has grown by USD 600 million (17%), whereas the US Import Data decreased by USD 280 million.

Major items imported by India from the US as per the US Export Data in November 2022 were as follows:

·        Crude oil (USD 1.4 billion)

·        Precious stones like diamonds (USD 313 million)

·        Coal (USD 200 million)

·        Parts of aircraft (USD 165 million)

·        Gold items (USD 152 million)

Major items imported by the US from India as per the US Import Data in November 2022 were as follows:

·        Packed medicines (USD 710 million)

·        Precious stones like diamonds (USD 550 million)

·        Jewelry (USD 280 million)

·        Telephone (USD 199 million)

·        Motor spare parts and accessories (USD 150 million)

LAST VERDICT

One of the main causes of the rise in exports of the US to India was due to rise in the export of crude oil, petroleum gas, and diamonds. Whereas the reason behind the decline in imports from the US was the decline in imports of refined petrol, cars, and precious stones.

We have seen that the trade bonds between both countries is strong for a very long now. Both countries are there to help each other with every difficulty or problem. In the future, we expect that bilateral trade between the countries would rise more and the mutual relationship between the two would grow and become even stronger in coming years.

FAST ADVICE

We hope you liked our report. If you are looking for a more advanced and detailed US Trade Data report or want a customized plan for yourself, then get in touch with us today and we will provide you with the best and most accurate database which would be highly focused on the United States of America.

For any query, drop us a mail at info@tradeimex.in or visit our website https://www.usimportdata.com

 

 

 

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