Statistics

Annual Report: No. 20 India - Rising player on trade scene

July 22nd, 2006

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U.S. officials predict trade with India, already robust, will double in the next three years.

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Gems, apparel, pharmaceuticals and fertilizers are key commodities in current trade between the United States and India – a commercial exchange certain to grow dramatically.

Although India ended 2005 as the No. 20 trade partner with the United States, U.S. Trade Representative Rob Portman has predicted that bilateral trade – which neared $30 billion last year – could nearly double by 2009. Agricultural goods and industrial products are the most likely sources of that growth, he said.

The United States is India’s top trade partner. More than 6 percent of all products entering India originate in the United States, while 16 percent of the shipments out of the country end up in the United States.

In 2005, the United States imported nearly $19 billion in goods from India, a gain of almost 21 percent. U.S. exports, meanwhile, rose 30 percent to value nearly $8 billion.

India is an important jewelry center, and diamonds were the No. 1 import from India, valuing $3 billion – a jump of 7 percent from 2004. U.S. imports of jewelry from India reached $1.8 billion, an increase of 18 percent. But apparel emerged as one of the fastest-growing imports, with several clothing categories reaching a combined value of $2.9 billion.

Imports of petroleum products from India’s 12 refineries rose 186 percent to $717 million.

U.S. exports of diamonds also grew, by 19 percent, to $454 million. The diamonds and $212 million in jewelry parts were destined for India’s jewelry-assembly businesses.

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