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Key Economic Trends
- U.S.-India bilateral trade reached a record $46.0 billion in 2010, which made India the 10th-largest U.S. trading partner. U.S. GDP growth (2.8 percent) and the continued expansion of the Indian economy (9.1 percent) in 2010 contributed to the rise in bilateral trade in most major merchandise sectors.
- India was the 17th-largest U.S. export market by value in 2010. U.S. exports to India grew more slowly (12 percent) than total U.S. exports (20 percent) in 2010. Leading U.S. exports to India in 2010 were intermediate products, including chemicals and minerals and metals, which supplied the country’s burgeoning economy.
- U.S. imports from India in all major commodity sectors increased by double digits, except for energy-related products, which increased by over 400 percent. A substantial share of the growth was concentrated in just a handful of products, including gemstones, petroleum, and medicinal chemicals.
Trade Shifts from 2009 to 2010
- U.S. trade deficit: Increased by $6.6 billion (100 percent) to $13.2 billion
- U.S. exports: Increased by $1.8 billion (12 percent) to $16.4 billion
- U.S. imports: Increased by $8.4 billion (40 percent) to $29.6 billion
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