May 10, 2019
India-USA bilateral trade in goods likely to cross USD 100 billion by 2020: PHD Chamber
India’s bilateral trade in goods with USA is likely to cross USD 100 billion by 2020 from the current level of USD 85 billion in 2018, said Mr Rajeev Talwar, President, PHD Chamber of Commerce and Industry in a press statement issued here today.
The attraction for trade in goods between India and USA is gaining momentum in the recent years and is expected to become more stronger in the coming times, said Mr Rajeev Talwar.
The share of USA in India’s bilateral trade in goods has increased from 9% in 2017 to 10% in 2018 whereas India’s exports with USA grew by 13% and India’s imports from USA grew by 38% in 2018.
India’s bilateral trade in goods with USA is growing rapidly from 2% in 2016, 13% in 2017 and 21% in 2018. The volume of trade with USA has also increased significantly from USD 62 billion in 2016, USD 70 billion in 2017 and to USD 85 billion in 2018, the bilateral trade between the largest economy, USA, and the fastest growing economy, India, is expected to touch new highs at US $ 125 billion by 2022, said Mr Talwar.
The principal items of India’s exports to USA during the recent years are precious or semiprecious stones, pharmaceutical products, nuclear reactors, boilers & mechanical appliances, mineral fuels & mineral oils, articles of apparel and clothing accessories, vehicles other than railway, among others.
The principal items of India’s imports from USA during the recent years are nuclear reactors, boilers & mechanical appliances, mineral fuels & mineral oils, precious or semiprecious stones, aircraft & spacecraft, electrical machinery and equipment, optical and photographic cinematographic measuring, organic chemicals, among others.
Going ahead, as India is the fastest growing economy in the world economic system with an expanding middle class, the demand in the country remains intact, said Mr Rajeev Talwar.
Koteshwar Prasad Dobhal