Recently, the US had urged India to take strong measures to open up its economy furthermore in order to facilitate more bilateral trade.
The trade in goods between the US and India is showing a 12.8 percent growth on a year-to-year basis, reveals the Census data.
According to the recently released data, the bilateral trade in goods for one year period starting from September 2015 to September 2016 was $64999.5 billion. The figure for the succeeding 12 months (September 2016 to September 2017) is $73344.1 billion, showing a 12.84 percent growth on a year-to-year basis.
The export and import between the two countries have reached $55537.8 billion. It was $49878.4 during the same period in 2016.
Amidst the raising concern by Washington about the enhancing trade deficit with India, the trade deficit in goods is showing a declining trend.
While the trade deficit in goods for September 2015 to September 2016 was $24352.1 billion, the figure for the 2016-17 period is $22541.6 billion. It shows a 7.43 percent decline in the trade deficit in goods.
Recently, the US had urged India to take strong measures to open up its economy furthermore in order to facilitate more bilateral trade. Washington pushed India to liberalize its economy for a more balanced trade during the first US-India bilateral Trade Policy Forum (TPF) held last month. The trade deficit between the two nations has reached $29.6 billion.
“The United States pressed (India) for strong outcomes across a number of areas, including non-science-based barriers to agricultural trade, continuing and new regulatory and technical barriers to trade that impact sale of US high technology and other products, tariffs in a number of agricultural and industrial sectors, market access in services, and protection and enforcement of intellectual property rights,” US Trade Representative Robert Lighthizer said after completing the forum.