India posted a trade surplus of around $4.5 billion in 1st quarter.
By Global India Newswire
WASHINGTON, DC: The United States imported from India goods worth nearly $9.7 billion in the first three months this year, according to the Foreign Trade division of the US Census Bureau. The United States exports to India during the period amounted to $5.2 billion, resulting in New Delhi posting a trade surplus of almost $4.5 billion for the first quarter of the year.
In March, the two countries traded in goods worth more than $5.5 billion. India exported to the United States nearly twice the amount of goods ($3.67 billion) as it imported ($1.87 billion) from the world’s largest economy.
India was the United States’ 11th largest trading partner in March.
The good news for the United States in March was its foreign trade deficit decreased from $43.6 billion in February to $38.8 billion in March. It was largely due to a significant reduction in trade deficit with China, which stood at $17.9 billion, the lowest in 36 months.
According to the Embassy of India in Washington, DC, major items India exported to the United States in the first quarter of this year include textiles (17.7%), precious stones and metals (21.8%), pharmaceutical products (11.5 %), mineral fuel and oil (6.4%), organic chemicals (6.1%), machinery (4.7%), iron and steel products (3.6%) and electrical machinery (3.4%).
Among the major items of the United States exported to India during the period were stones and metals (28.2%), machinery (12.8%), optical instruments and equipment (6.3%), electrical machinery (6.2%), mineral fuel and oil (5.6), aircraft, spacecraft and their parts (5.4%) and organic chemicals (4.4%), miscellaneous chemical products (4.0%).
The bilateral trade reached nearly $63 billion last year, the best ever between the two countries.
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