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($ Billion)
Source: USITC
2017
2018
% change
2019
% change
Trade in Goods & Services
Exports
49.33
58.70
19.1%
60.83
3.6%
Imports
76.84
83.94
9.40%
87.97
4.8%
Total
126.18
142.64
13.2%
148.80
3.4%
Trade Balancex
-27.51
-25.24
-8.1%
27.14
7.5%
Trade in Goods
Exports
25.68
33.57
30.7%
34.41
2.7%
Imports
48.64
54.46
12.0%
57.67
6.1%
Total
74.33
88.03
18.4%
92.08
4.8%
Trade Balance
-22.96
-20.89
-9.0%
-23.26
11.6%
Trade in Services
Exports
23.65
25.2
6.6%
26.42
4.9%
Imports
28.20
29.59
4.9%
30.30
2.4%
Total
51.85
54.79
5.7%
56.72
3.5%
Trade Balance
-4.55
-4.39
-3.7%
-3.7%
-11.6%

Key Points

  • US total bilateral trade (goods and services) with India was $149 billion in 2019, up 3% from $143 billion levels in 2018. Bilateral trade grew 13% in 2018 and it was growing at an average of 6% annual growth rate for the previous five years.
  • US exports of goods and services to India totaled $61 billion in 2019, registering a meagre 4% increase from the 2018 level of $59 billion; total imports from India, at $88 billion, rose 5% from $84 billion in 2018.
  • The total exports growth rate in 2019 was much less than the 2018 level of 19%, even less than the average export growth rate of 5% achieved for the last five years; total imports growth rate at 5% was also less than the 2018 level of 9%.

USISPF launches US-India trade report

Trade Balance

Trade in Goods

Total bilateral trade in goods grew almost 5% to $92 billion in 2019 over the 2018 level, with $34 billion worth U.S. exports to India and approximately $58 billion imports from India. U.S. goods exports witnessed muted growth of less than 3% while imports of goods from India rose 6% from the 2018 level. As a result, the goods trade deficit with India increased 12% to $23 billion in 2019 from the previous year’s $21 billion.

Trade in Services:

The United States’ services trade deficit with India was a little less than $4 billion in 2019, down 12% from the 2018 level of more than $4 billion. However, total bilateral trade in services at $57 billion grew 4% over the previous year, with $26 billion worth U.S. exports to India and $30 billion imports from India. 2019 U.S. exports of services to India growth at 4.9% was almost double the 2.4% growth in U.S. imports from India, showcasing a stable and consistent engagement on service trade.
innovation and entrepreneurship development

U.S. Exports to India

India ranked 12th largest goods market for U.S. exports in 2019. The U.S. exports of goods to India were $34 billion, up 3% from the 2018 level of $33 billion; however, the U.S. merchandise exports to India accounted for only 2.2% of overall U.S. exports in 2019.

The top export categories (2-digit HS) in 2019 were: mineral fuels ($8.3 billion), precious metal and stone (diamonds – $6.4 billion), aerospace ($2.7 billion), machinery ($2.4 billion), and organic chemicals ($1.8 billion).

The U.S. exports of services to India were $26.4 billion in 2019, 5% more than the 2018 level.

U.S. Imports from India

India was the United States' 10th largest source of goods imports in 2019. U.S. goods imports from India totaled $58 billion in 2019, up 6% from 2018. The U.S. imports from India accounted for 2.3% of overall U.S. imports in 2019.

The top import categories (2-digit HS) in 2019 were: precious metal and stone (diamonds) ($10.7 billion), pharmaceuticals ($7.8 billion), machinery ($3.8 billion), mineral fuels ($3.7 billion), and organic chemicals ($2.9 billion).

U.S. imports of services from India were $30.3 billion in 2019, only 2.4% more than the 2018 level.

US India strategic and commercial ties

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