Washington, (Agency): The Indo-US bilateral trade is expected to increase by more than 30 percent in the first 11 months of 2010 to touch USD 50 billion.
The bilateral trade could even touch the magical figure of USD 50 billion when the statistics for December are available, officials said, adding this reflects the growing trade relationship between the two countries.
According to the latest figures made available by the US Department of Commerce, between January to November 2010, the total bilateral trade between India and the United States was USD 45,011 million.
This is in comparison to USD 34,416 million during the same period in 2009; showing an increase of 30.79 percent.
The total bilateral trade in 2009 was 37,607 million (about USD 37.61 billion), which was a significant drop from USD 43,386 million in 2008 mainly because of the downturn in the global economy. In 2007, the total bilateral trade was USD 39,042 million.
The figures also reflected a greater increase in India’s export to the US than American export to India; even though both showed signs of increase.
Between January to November 2010,India’s export to the US had stood at USD 27,398 million as against USD 19,381 during the same period in 2009; thus showing an increase of
Meanwhile, US exports of merchandise to India grew by 17.2 percent from USD 15.03 billion during the period Jan- Nov 2009 to USD 17.61 billion during the corresponding period in 2010.
Cut and polished diamonds and jewellery is a major item of India’s exports to the US, accounting for 21.5 percent.
Exports of this item had declined from USD 5.6 billion in 2008 to USD 4.6 billion in 2009.
Textiles exports to the US, which account for 23 percent, fell by 10.3 percent from USD 5.42 billion in 2008 to USD 4.86 billion in 2009.
Iron & Steel products which account for 5.3 percent of India’s exports to the US fell by 33.8 percent from USD 1.68 billion in 2008 to USD 1.12 billion in 2009.
Exports of Organic Chemicals fell by 10.2 percent from 1.46 billion in 2008 to USD 1.32 billion in 2009. Exports of pharmaceutical products grew from USD 1.43 billion in 2008 to USD 1.66 billion in 2009.