WASHINGTON/ NEW DELHI (TIP)-In yet another sign of the deepening economic relationship between India and the United States (US), bilateral trade in goods between the two countries crossed the $100 billion mark in 2021, making it the largest volume of goods trade in a calendar year in India-US economic history. This also represents an almost 45% jump from 2020, and while US trade with its top 15 partners increased over the past year, the single biggest jump was with India. India retains a trade surplus in the relationship.
According to figures released by the US Census Bureau, India-US bilateral goods trade was worth $113.391 billion from January to December 2021. India exported goods worth over $73 billion, and imported goods worth a little over $40 billion dollars. In 2020 – an unusual year because of the pandemic and subsequent economic restrictions – trade fell to a little over $78.2 billion, from the high of $92.1 billion in 2019. India had then exported goods worth $57.8 billion and imported goods worth $34.2 billion.
Placing the figures in perspective, Richard M Rossow, the Wadhwani chair in US-India Policy Studies at the Centre for Strategic and International Studies (CSIS) and the foremost expert of the bilateral economic relationship in Washington DC, said that bilateral trade has been on an upward trajectory for 20 years, and shrunk year-on-year only thrice since 2002. “While we should certainly pause to celebrate the milestone of crossing $100 billion in bilateral trade, it is not far off the overall trajectory of the trade relationship in this period.” The 45% jump, he said, was due to the “deep trough” in 2020, as both India and the US dealt with the initial onslaught of the coronavirus pandemic.
Source: HT