For more than five decades, the economy of USA has achieved steady growth, low unemployment and inflation, and rapid advances in technology. The country has the largest and most technologically powerful economy in the world, with a per capita GDP of $47,400. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments need goods and services predominantly in the private marketplace.
US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to layoff surplus workers, and to develop new products. It is the second largest economy in the world in PPP GDP terms and the third largest populous in the world.
Total export of USA stood at US$ 1,289,059 million in 2010 which had increased by 20 per cent from 2009 and import were to the tune of US$ 1,935,599 million, almost 23 per cent higher than 2009. USA exported around 2 per cent of total export to India and in import from the world, India accounted for less than 1.5 per cent. India's share in USA's export has increased by 0.2 per cent in 2010 from 2009 while its share in import has remained stagnant since 2009.
Originally Published in Apparel India, April-2011