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The Indo-US bilateral trade is expected to increase by more than 30 per cent in the first 11 months of 2010 to touch $50 billion.
The bilateral trade could even touch the magical figure of $50 billion when the statistics for December are available, officials said, adding that this reflects the growing trade relationship between the two countries.
According to the latest figures made available by the US Department of Commerce, between January and November 2010, the total bilateral trade between India and the United States was $45,011 million.
This is in comparison to $34,416 million during the same period in 2009; showing an increase of 30.79 per cent.
The total bilateral trade in 2009 was $37,607 million (about $37.61 billion), which was a significant drop from $43,386 million in 2008 mainly because of the downturn in the global economy. In 2007, the total bilateral trade was $39,042 million.
The figures also reflected a greater increase in India’s export to the US than American export to India; even though both showed signs of increase.
Between January and November 2010, India’s exports to the US stood at $27,398 million against $19,381 during the same period in 2009; thus showing an increase of 41.36 per cent.
Meanwhile, US exports of merchandise to India grew by 17.2 per cent from $15.03 billion during January-November 2009 to $17.61 billion during the corresponding period in 2010.
Cut and polished diamonds and jewellery were a major item of India’s exports to the US, accounting for 21.5 per cent. Exports of this item had declined from $5.6 billion in 2008 to $4.6 billion in 2009. Textiles exports to the US, which account for 23 per cent, fell by 10.3 per cent from $5.42 billion in 2008 to $4.86 billion in 2009.
Iron & steel products, which account for 5.3 per cent of India’s exports to the US, fell by 33.8 per cent from $1.68 billion in 2008 to $1.12 billion in 2009. Exports of organic chemicals fell by 10.2 per cent from $1.46 billion in 2008 to $1.32 billion in 2009.
Exports of pharmaceutical products grew from $1.43 billion in 2008 to $1.66 billion in 2009.
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