US-India trade tops $4.4 billion in February

$1.4 billion balance of trade in favor of India.

WASHINGTON, DC: The US-India trade in goods topped $4.4 billion in the month of February, new data released by the U.S. Department of Commerce reveals.

The balance of trade was in favor of India, which posted a trade surplus of 1.41 billion in February. India’s exports to the United States in February totaled $2.83 billion and its imports amounted to $1.8 billion.

India had a trade surplus against the United States in January as well, when the two countries traded in goods worth $4.9 billion. The US exports to India in January totaled $1.7 billion and its imports from the country $3.17 billion.

According to the Embassy of India in Washington, major items India exported to the United States in January includes textiles, precious stones and metals, pharmaceutical products, organic chemicals, mineral fuel, oil, machinery, iron and steel products and electrical machinery.

Precious stones and metals consisted more than a quarter of US exports to India in January. Among other major items were machinery, aircraft and spacecraft parts, electrical machinery, optical instruments and equipment, miscellaneous chemical products, organic chemicals and mineral fuel and oil.

The bilateral trade in the first two months of the year topped $9.3 billion, slightly up from the $9.17 billion in the first two months of last year, the Department of Commerce figures show. The trade for the 2012 calendar year stood at nearly $63 billion, the highest ever between the two countries. India had a trade surplus of $18.2 billion against the United States last year.

In February, India was United States’ 12th largest trading partner in February. Canada, China and Mexico were America’s top three trading partners, with the trade with these three countries constituting nearly 45 percent of its overall foreign trade for the month, which totaled $293 billion.

In keeping with the recent trend, the United States continued to rack up trade deficit against China, with the country importing more than three times the amount of goods from its second-largest trading partner than it exported to that country. US trade deficit was China in February was $23.4 billion, which was nearly 55 percent of the country’s overall trade deficit for the month. (Global India Newswire)

 

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