US-India total volume in first eight months of 2014 tops $43.7.
By Global India Newswire
WASHINGTON, DC: The United States and India traded in goods worth nearly $5.8 billion in August, a slight rise from the $5.7 billion they touched in August 2013, new data released Friday by the US Department of Commerce.
The bilateral trade so far this year topped $43.7 billion—a slight dip from $44 billion in the first months of 2013.
The United States posted a deficit of $1.94 billion, with its imports from India amounting to $3.86 billion and exports reaching $1.92 billion.
The US trade deficit with India is in line with a long-term trend. Year-to-date, India has a $16.7 billion surplus with the United States, having exported to the United States goods worth $30.2 billion this year. Last year, the US trade deficit with India was $20 billion, out of a total trade volume of nearly $64 billion.
India was the United States’ 10th biggest trading partner in August, just behind the United Kingdom, Brazil and France. Trade with India accounted for 1.7 percent of overall US foreign trade.
Canada ($55.5 billion), China ($49.5 billion) and Mexico ($45.1 billion) are the three biggest US trading partners.
China continues to be the number one exporter to the United States, having sold goods worth nearly $40 billion—more than 20 percent of all US imports in the month—nearly 25 percent more than the total goods India exported to this country in the first eight months of the year.
The two North American neighbors, Canada and Mexia, are the leading importers of US goods. In August, Canada imported from the United States goods worth $26.6 and Mexico $20.3 billion.