India-US Trade Data, Top US Imports from India Statistics - US Import Data

In today's global economy, the trade relationship between India and the United States is crucial in shaping international commerce. With a significant portion of American imports coming from India, it is vital to delve into the statistics and data that underpin this important economic partnership. As per the India-US trade data and US imports from India statistics, India exports the most goods to the USA. 

Based on the live US import data from india, the total value of the US imports from India accounted for $87.28 billion in 2023. The US trade data for imports with India is maintained by the US Customs and Border Protection Agency. In this article, we will gain insights into the India-US trade data & trade relations, US-India import-export trade, and the impact of the growing trade between the two countries in 2024.

India's exports to the US hit a record $77.5 billion in 2024

• Over the previous three decades, Indian exports to the US have grown at a compound annual growth rate (CAGR) of 10.3%.

• The US has become a critical destination for Indian exports, showcasing steady growth.

• Before FY 2000, export growth to the US outpaced India's overall export growth.

• The global financial crisis in 2008 temporarily slowed export growth to the US until FY 2010.

• Since FY 2010, exports to the US have consistently surpassed overall export growth rates.

• India's export trajectory to the US aligns with the general growth of Indian exports since economic reforms began in 1991.

• The total share of US imports from India remained behind its record high of 22.8% in 2000 but increased from 16.4% in 1992 to 18% in 2024.

• After the economic downturn, the US share of India's exports fell to 10.1% in 2011, but it has since risen significantly.

• The US is a vital market for various Indian industries, influencing significant portions of their turnover.

• Industries such as drugs and pharmaceuticals, pearls and precious stones, and telecom instruments have over 30% of their turnover linked to the US market.

• The total export values of other industrial categories, such as textiles, electronics, yarn, and sea products, are lower.

In FY 2024, India’s top five export commodities to the US or top US imports from India are:

1. Pharmaceuticals ($10.89 billion)

2. Pearls and precious stones ($10.19 billion)

3. Petroleum products ($2.88 billion)

4. Telecom instruments ($2.2 billion)

5. Ready-made garments ($1.8 billion)

These top commodities account for 40% of India's total exports to the US.

India-US Trade Data for US Imports from India in 2024

India's Exports Witness a Rise in 2024

According to the Commerce and Industry Ministry's latest announcement, India's overall exports (goods and services combined) reached $67.8 billion in November 2024, representing a 9.59 percent increase over November 2023. By comparison, the total value of merchandise exports from April to November 2024 was $284.31 billion, up 2.17 percent from $278.26 billion in April to November 2023. Nonetheless, there was a slight decrease in November 2024 merchandise exports, which came to $32.11 billion from $33.75 billion in November 2023. The decline in petroleum exports was mostly to blame for this.

Top 10 US Imports from India: India’s Exports to the USA

From textiles and pharmaceuticals to electronics and machinery, Indian exports cater to diverse sectors within the American economy, contributing significantly to the overall trade balance between the two nations, based on the India-US trade data. According to the US shipment data and US import data by HS code, the top 10 goods that the US imports from India in 2023 include:  

1. Precious stones and metals, pearls (HS code 71): $12.36 billion

2. Electrical machinery and equipment (HS code 85): $12.07 billion

3. Pharmaceutical products (HS code 30): $10.97 billion

4. Nuclear reactors and machinery (HS code 84): $6.67 billion

5. Mineral fuels and oils (HS code 27): $5.13 billion

6. Organic chemicals (HS code 29): $3.86 billion

7. Other made-up textile articles (HS code 63): $2.92 billion

8. Articles of iron or steel (HS code 73): $2.88 billion

9. Vehicles (HS code 87): $2.70 billion

10. Articles of apparel or clothing, not knitted (HS code 61): $2.53 billion

US Imports from India in the Last 10 Years | US-India Trade Data By Year

Understanding the Scope of India-US Trade

The trade relationship between India and the United States has witnessed steady growth over the years, with both countries benefiting from robust bilateral trade agreements and collaborations as per the India-US trade data. As one of the world's largest economies.

the United States offers a vast market for Indian goods and services, while India, with its burgeoning manufacturing sector, provides a steady stream of high-quality products to meet American demand. According to recent data from US import statistics, India ranks among the top trading partners of the United States, with a wide range of products being imported from Indian shores.

US Import Trade with India: Key US-India Trade Statistics & Trends

A deeper look into the US import data reveals some key statistics and trends that characterize the trade relationship between India and the United States. In recent years, the value of US import trade with India has been on an upward trajectory, reflecting the growing demand for Indian products in the American market.

One of the standout sectors in terms of US top imports from India is textiles and apparel, with Indian garments and fabrics finding a strong foothold in the US fashion industry. The data shows a steady increase in the volume of textile imports from India, highlighting the competitiveness of Indian manufacturers in meeting the quality and price expectations of American consumers.

Another significant category of US imports from India is pharmaceuticals, with Indian drug manufacturers supplying a substantial share of the medications consumed in the United States. The reliability and affordability of Indian pharmaceutical products have made them popular choices among American healthcare providers and patients, further strengthening the trade ties between the two countries.

• Over $120 billion worth of trade was placed between the US and India in 2023, with $35.3 billion in trade surplus for India.

• India's exports to the US totaled $87.2 billion in 2023 & crossed $77 billion in 2024 till now. 

• $42.2 billion was imported by India from the United States.

• Commodities: Fuels, electrical machinery, and precious metals were the primary goods traded between the two nations, based on India-US trade data.

• US exports: India received $40.12 billion in US exports. Crude oil, anthracite coal, and natural gas were among the primary mineral fuels that the United States exported to India.

• India's biggest export market and commercial partner is the United States. Despite regime changes, the two nations' trading connections have remained strong.

Challenges and Opportunities in India-US Trade

While the India-US trade relationship presents numerous opportunities for growth and collaboration, it also faces certain challenges that need to be addressed to foster sustained economic cooperation. One of the key challenges in this regard is the issue of market access, with both countries grappling with trade barriers and restrictions that hinder the smooth flow of goods and services across borders.

Additionally, the evolving geopolitical landscape and changing trade policies can impact the dynamics of India-US trade data, necessitating a proactive approach toward resolving trade disputes and promoting mutual interests. By leveraging the existing trade agreements and fostering a spirit of cooperation, India and the United States can unlock new avenues for partnership and innovation in various industry sectors.

The Way Forward: Strengthening India-US Trade Relations

As India continues to emerge as a major player in the global economy, the trade relationship with the United States holds immense potential for mutual growth and development. By focusing on areas of synergy and collaboration, both countries can enhance their economic partnership and create a conducive environment for trade and investment.

Conclusion and Final Verdict

In conclusion, the trade data about US imports from India offer valuable insights into the dynamics of the India-US trade data and trade relationship. By embracing a spirit of cooperation and innovation, India and the United States can chart a path toward sustainable economic growth and prosperity, benefiting not just their economies but also the larger global community.

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