American trade deficit narrows.
AB Wire
WASHINGTON, DC: The US trade deficit with India narrowed in February because of a slight increase in exports and a $300 million decrease in imports.
Trade data released by the Department of Commerce showed that the United States imported from India goods worth $3.3 billion in February, down from $3.6 billion in January. The US exports to India stood at nearly $1.7 billion in February — an increase of nearly $120 million.
The bilateral trade volume in the first two months of the year was $10.1 billion, compared to $9.7 billion during the same period last year.
US exports to India in January and February stood at $3.2 billion, up from $2.9 billion during the corresponding months last year. The US imports from India in the first two months reached $6.9 billion, an increase of nearly $227 million.
The trade between the two countries reached record level last year, touching $67 billion.
Overall, India was the 10th largest trading partner of the United States. However, the year-to-date bilateral trade constituted only 1.7 percent of US foreign trade.
Canada is America’s leading trade partner (16 percent of total trade), followed by China (15.1 percent) and Mexico (14.1 percent).
According to the Embassy of India in Washington, DC, major US imports from India include textiles precious stones and metals, pharmaceuticals, fuel and oil, machinery and organic chemicals, while major American exports include precious stones and metals, aircraft and spacecraft parts, machinery, optical instruments and equipment, and plastic products.