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Tuesday, May 26, 2020

Telling Numbers: US-India bilateral trade and investment

The current balance of trade, which is tilted in India’s favour, has long been a sore point with Trump, who has described India as a “tariff king”. This is where things stand.

By: Express News Service | New Delhi | Updated: February 25, 2020 9:19:13 am
US India relations, Trump visit, Trump visit India, US India trade, US India export, US India bilateral ties, Trump Modi meeting, US India trade, India US nuke deal, Indian Express India was the US’s 12th largest goods export market in 2018.

President Donald Trump announced on Monday that India and the United States “will be making very, very major — among the biggest ever made — trade deals”, and that the countries were “in the early stages of discussion for an incredible trade agreement to reduce barriers of investment”.

The current balance of trade, which is tilted in India’s favour, has long been a sore point with Trump, who has described India as a “tariff king”. This is where things stand.

US-India trade: The big picture

$142.6 billion US goods and services trade with India in 2018.

$25.2 billion US trade deficit with India in 2018

$87.9 billion total (two-way) US-India goods trade in 2018; India is US’s ninth largest goods trading partner. US goods exports to India $33.5 billion; goods imports from India $54.3 billion (2018)

$54.8 billion total US-India trade in services. US services exports $25.2 billion; services imports from India $29.6 billion (2018)

1,97,000 American jobs supported by US exports of goods and services to India (2015 Department of Commerce data; latest available)

US exports to India 

India was the US’s 12th largest goods export market in 2018

$33.5 billion US goods exports to India in 2018; up 30.6% ($7.9 billion) from 2017, and up 89.5% from 2008. US exports to India accounted for only 2% of overall US exports in 2018

$25.2 billion US services exports to India in 2018; up 6.6% ($1.6 billion) from 2017, and 151% from 2008.

Source: Office of the United States Trade Representative, as of Aug 15, 2019

Top US exports (2018)

* Precious metal and stone (diamonds) $7.9 billion
* Mineral fuels $6.7 billion
* Aircraft $2.9 billion
* Machinery $2.2 billion
* Organic chemicals $1.6 billion

US imports from India 

India was the US’s 10th largest supplier of goods imports in 2018

$54.3 billion were US goods imports from India in 2018; up 11.9% ($5.8 billion) from 2017, and up 111.4% from 2008. US imports from India accounted for 2.1% of overall US imports in 2018

$29.6 billion were US imports of services from India in 2018; 4.9% ($1.4 billion) more than 2017, 134% greater than 2008 levels

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Top US imports (2018)

* Precious metal and stone (diamonds) $11 billion
* Pharmaceuticals $6.3 billion
* Machinery $3.3 billion
* Mineral fuels $3.2 billion
* Vehicles $2.8 billion

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