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India becomes US' 9th largest trading partner in 2016
27
Jul '17
US merchandise trade with India, 2012–16; Courtesy: USITC
US merchandise trade with India, 2012–16; Courtesy: USITC
In 2016, India became the United States’ 9th-largest single-country trading partner (based on two-way merchandise trade), rising from 10th-largest in 2015. US two-way merchandise trade with India increased 2.2 per cent to $67.7 billion in 2016, the United States International Trade Commission (USITC) said in its ‘The Year in Trade 2016’ report.

Last year, India’s share of total US merchandise trade with the world rose to 1.9 per cent, up from 1.8 per cent in 2015, continuing a slow but steady increase in India’s share of US merchandise trade with the world over recent years, the report said.

Although US exports to India went up slightly in 2016, the US merchandise trade deficit with India rose 4.2 per cent to $24.3 billion in 2016 as imports grew even more than exports.

US merchandise exports to India increased 1.1 per cent from $21.5 billion in 2015 to $21.7 billion in 2016. Leading US exports to India in 2016 were non-industrial diamonds; non-monetary gold; civilian aircraft, engines, and parts; almonds; and petroleum coke.

US merchandise imports from India increased 2.7 per cent in 2016 to $46.0 billion. Leading US imports from India in 2016 were non-industrial diamonds, medicaments, gold jewellery, light oils, and frozen shrimp. (RKS)

Fibre2Fashion News Desk – India


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