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India

U.S.-India Bilateral Trade and Investment

In 2018, India GDP was an estimated $2.7 trillion (current market exchange rates); real GDP was up by an estimated 7.1%; and the population was 1.3 billion. (Source: IMF)

U.S. goods and services trade with India totaled an estimated $142.1 billion in 2018. Exports were $58.9 billion; imports were $83.2 billion. The U.S. goods and services trade deficit with India was $24.2 billion in 2018.

India is currently our 9th largest goods trading partner with $87.5 billion in total (two way) goods trade during 2018. Goods exports totaled $33.1 billion; goods imports totaled $54.4 billion. The U.S. goods trade deficit with India was $21.3 billion in 2018.

Trade in services with India (exports and imports) totaled an estimated $54.6 billion in 2018. Services exports were $25.8 billion; services imports were $28.8 billion. The U.S. services trade deficit with India was $3.0 billion in 2018.

According to the Department of Commerce, U.S. exports of Goods and Services to India supported an estimated 197 thousand jobs in 2015 (latest data available) (82 thousand supported by goods exports and 116 thousand supported by services exports).

Exports

  • India was the United States' 13th largest goods export market in 2018.
     
  • U.S. goods exports to India in 2018 were $33.1 billion, up 28.9% ($7.4 billion) from 2017 and up 87.3% from 2008. U.S. exports to India account for 2.0% of overall U.S. exports in 2018.
     
  • The top export categories (2-digit HS) in 2018 were: precious metal and stone (diamonds) ($7.9 billion), mineral fuels ($6.2 billion), aircraft ($3.0 billion), machinery ($2.2 billion), and optical and medical instruments ($1.6 billion).
     
  • U.S. total exports of agricultural products to India totaled $1.5 billion in 2018, our 18th largest agricultural export market. Leading domestic export categories include: tree nuts ($662 million), cotton ($329 million), fresh fruit ($163 million), dairy products ($48 million), and prepared food ($33 million).
     
  • U.S. exports of services to India were an estimated $25.8 billion in 2018, 8.6% ($2.1 billion) more than 2017, and 157% greater than 2008 levels. Leading services exports from the U.S. to India were in the travel, intellectual property (computer software, audio and visual related products), and transport sectors.

Imports

  • India was the United States' 10th largest supplier of goods imports in 2018.
     
  • U.S. goods imports from India totaled $54.4 billion in 2018, up 11.9% ($5.8 billion) from 2017, and up 111.7% from 2008. U.S. imports from India account for 2.1% of overall U.S. imports in 2018.
     
  • The top import categories (2-digit HS) in 2018 were: precious metal and stone (diamonds) ($11 billion), pharmaceuticals ($6.3 billion), machinery ($3.3 billion), mineral fuels ($3.2 billion), and vehicles ($2.8 billion).
     
  • U.S. total imports of agricultural products from India totaled $2.7 billion in 2018, our 15th largest supplier of agricultural imports. Leading categories include: spices ($261 million), rice ($216 million), essential oils ($194 million), processed fruit & vegetables ($141 million), and other vegetable oils ($128 million).
     
  • U.S. imports of services from India were an estimated $28.8 billion in 2018, 2.2% ($625 million) more than 2017, and 127% greater than 2008 levels.  Leading services imports from India to the U.S. were in the telecommunications, computer, and information services, research and development, and travel sectors.

Trade Balance

  • The U.S. goods trade deficit with India was $21.3 billion in 2018, a 7.1% decrease ($1.6 billion) over 2017.
     
  • The United States has a services trade deficit of an estimated $3.0 billion with India in 2018, down 32.5% from 2017.

Investment

  • U.S. foreign direct investment (FDI) in India (stock) was $44.5 billion in 2017, a 15.1% increase from 2016. U.S. direct investment in India is led by professional, scientific, and technical services, manufacturing, and wholesale trade.
     
  • India's FDI in the United States (stock) was $9.8 billion in 2017 (latest data available), up 11.5% from 2016. India's direct investment in the U.S. is led by professional, scientific, and technical services, manufacturing, and depository institutions.
     
  • Sales of services in India by majority U.S.-owned affiliates were $27.0 billion in 2016 (latest data available), while sales of services in the United States by majority India-owned firms were $17.0 billion.

 

U.S. Goods and Services Trade with India (in billions of dollars)

 

1995

2000

2008

2013

2014

2015

2016

2017

2018

Total

11.2

19.1

66.1

97.3

104.6

109.4

114.1

126.2

142.1

Exports

4.6

6.5

27.7

35.1

36.8

40.0

42.3

49.4

58.9

Imports

6.6

12.6

38.4

62.2

67.8

69.4

71.8

76.7

83.2

Balance

-2.0

-6.1

-10.6

-27.1

-31.0

-29.4

-29.6

-27.3

-24.2

U.S. Goods Trade with India (in billions of dollars)

 

1995

2000

2008

2013

2014

2015

2016

2017

2018

Total

9.0

14.4

43.4

63.6

66.9

66.2

67.7

74.3

87.5

Exports

3.3

3.7

17.7

21.8

21.5

21.5

21.6

25.7

33.1

Imports

5.7

10.7

25.7

41.8

45.4

44.8

46.0

48.6

54.4

Balance

-2.4

-7.0

-8.0

-20.0

-23.9

-23.3

-24.4

-22.9

-21.3

U.S. Agricultural Trade with India (in billions of dollars)

 

1995

2000

2008

2013

2014

2015

2016

2017

2018

Total

0.7

1.0

2.1

4.4

4.2

3.9

3.4

4.2

4.2

Exports

0.2

0.2

0.5

0.9

1.1

1.2

1.3

1.6

1.5

Imports

0.5

0.8

1.6

3.5

3.2

2.7

2.1

2.6

2.7

Balance

-0.3

-0.6

-1.1

-2.6

-2.1

-1.5

-0.8

-1.0

-1.2

U.S. Manufacturing Trade with India (in billions of dollars)

 

1995

2000

2008

2013

2014

2015

2016

2017

2018

Total

NA

13.0

40.3

58.8

61.4

60.5

61.8

65.6

74.8

Exports

NA

3.2

15.8

19.5

18.9

18.5

18.8

21.1

24.6

Imports

NA

9.7

24.5

39.4

42.5

41.9

43.1

44.4

50.2

Balance

NA

-6.5

-8.7

-19.9

-23.6

-23.4

-24.3

-23.3

-25.5

U.S. Services Trade with India (in billions of dollars)

 

1995

2000

2008

2013

2014

2015

2016

2017

2018

Total

2.2

4.7

22.7

33.7

37.8

43.2

46.4

51.9

54.6

Exports

1.3

2.8

10.0

13.3

15.3

18.5

20.6

23.7

25.8

Imports

0.9

1.9

12.7

20.4

22.4

24.7

25.8

28.1

28.8

Balance

0.5

0.9

-2.6

-7.1

-7.1

-6.1

-5.2

-4.4

-3.0

Last updated: April 8, 2019