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| United States Narrows Indian Trade Surplus |
American exports of civilian aircraft to India soar 310% to US$5.9 billion last year while Indian shipments of materials including iron, steel and plastics fall.
In 2007, India exported an estimated US$151 billion worth of goods onto the international trade marketplace. Indian imports totalled $230 billion, resulting in Indias overall $79-billion trade deficit last year.Indias largest trade partner, the United States consumes 17% of total Indian exports. Other leading customers for Indian products are the United Arab Emirates (8.3%), China (7.7%), and the United Kingdom (4.3%).Principal Indian exports include chemicals, engineering goods, jewelry, petroleum products and textile goods.China accounts for 8.7% of Indias imported products, followed by the U.S. at 6%. Other leading exporters into India are Germany (4.6%), Singapore (4.6%) and Australia (4%).Major Indian imports include crude oil, fertilizer and machinery.
Indian Trade With U.S.
Despite its overall deficit, India enjoyed a US$6.4-billion trade surplus with its American trade partner in 2007. The most recent surplus statistic is 20% lower than the India-US surplus in 2003 and represents a 45% decrease from India's
$11.8-billion surplus in 2006.
Exports from India to U.S.
With a population of 1.14 billion, India exported US$24 billion worth of merchandise to the United States in 2007, a 10% increase from 2006 and up by 84% in 4 years. The following product categories represent about 61% of Indian exports to America.
Gem diamonds US$3.688 billion up 13.2% from 2006 (15.4% of India-to-U.S. exports).Cotton apparel and household goods $3.686 billion up 4.7% (15.3%)Jewelry (including rings and watches) $2.3 billion down 4.1% (9.7%) Medicinal, dental and pharmaceutical preparations $1.4 billion up 70.5% (5.7%) Fuel oil $748.7 million up 822.6% (3.1%) Rugs and other textile floor coverings $617.7 million up 2.5% (2.6%) Drilling and oil field equipment $548.2 million up 575.3% (2.3%) Non-cotton apparel and household goods $547.6 million down 18.1% (2.3%) Other industrial machinery $505 million up 17.2% (2.1%) Industrial organic chemicals $497.7 million up 25.7% (2.1%).In aggregate, India s top 10 export product categories experienced above-average increased sales to the U.S. in 2007, up 18.1% from 2006.
Fastest-Growing Indian Exports to U.S.
Below are selected Indian exports to America in 2007 with the highest percentage sales increases from 2006.
Fuel oil US$748.7 million (up 822.6%) Drilling and oil field equipment $548.2 million (up 575.3%)Business machinery and equipment excluding computers $14.5 million (up 186.1%).
Fruit preparations including orange juice $15.4 million (up 85.5%) Medicinal, dental and pharmaceutical preparations (up 70.5%).Fastest-Declining Indian Exports to U.S.
Selected Indian exports to America in 2007 with the highest percentage sales decreases from 2006 are listed below.Zinc US$17.9 million (down 57.9% from 2006) Semi-finished iron and steel mill products $367.9 million (down 49.9%), Baxite and aluminum $22.1 million (down 40.3%) Plastic materials $116.3 million (down 39.2%). Computers $3 million (down 29.1%). Indian Imports from U.S.
Indian imports from the U.S. rose by 74.9% to $17.6 billion in 2007, up 353% since 2003. Of American exports to India
in 2007, the following product categories had the highest values and in total represented 60% of all U.S. shipments into India.
Complete civilian aircraft US$5.8 billion up 309.8% from 2006 (33.2% of Indian imports from America) Gem diamonds $1 billion up 67.5% (5.9%).Chemical fertilizers $818.2 million up 34.5% (4.7%). Telecommunications equipment $602.7 million up 24.1% (3.4%).Organic chemicals $490.7 million up 30.7% (2.8%). Non-monetary gold $381.7 million up 5,860% (2.2%). Other petroleum products $366.7 million up 8.9% (2.1%).Steelmaking materials $348.9 million up 98.5% (2%).Other industrial machines $345.8 million up 37.7% (2%).Jewelry $301.8 million up 5.6% (1.7%) Last year, India top 10 import product categories from the U.S. grew by 58% from 2006. From 2005 to 2006, the top 10 Indian imports from the U.S. had gained about 33%.
Fastest-Growing Indian Imports from U.S.
Below are selected American exports to India in 2007 with the highest percentage sales increases from 2006.
Non-monetary gold US$381.7 million (up 5,860%). Other precious metals $165.7 million (up 4,018%). Military aircraft engines and turbines $59.3 million (up 352.9%). Complete civilian aircraft $5.8 billion (up 309.8%). Vegetables $68.3 million (up 131.7%). Fastest-Declining Indian Imports from U.S.
Selected American exports to India in 2007 with the highest percentage sales decreases from 2006 are listed below.Copper US$81.6 million (down 15.7% from 2006). Computer accessories $276.6 million (down 11.1%). Metallurgical grade coal $90.6 million (down 5.7%). Inorganic chemicals $90.9 million (down 3.5%). Wood, glass and plastic $32.9 million (down 2.2%).
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