India’s exports to the US, which have historically been favourable, increased by 2.81 percent to $78.31 billion. However, imports expanded considerably more quickly, by 16%, to reach $50.24 billion. Overall, commerce between India and the US has increased dramatically from $80.51 billion in 2020u201321.
Source: Indiatimes.com
The increase in exports appeared to be the result of improved performance in industries like petroleum, engineering, gems and jewellery, and medicines. Petroleum, raw diamonds, LNG, gold, coal, garbage and junk, and almonds were among the top US imports. Some of the trends can change quickly.
For instance, Indian petroleum exports to the US increased as a result of the US stopping its direct energy purchases from Russia. Pharma exports to the US, as well as oil and LNG exports to India, will continue to have some buoyancy. There are also hindrances, such as the predicted slowdown in the US. Furthermore, if India converts a sizable portion of its foreign trade into local currencies, the political harmony that promoted trade may not endure.
Source: Mint
For Indian exports to the US, the new Foreign Trade Policy (FTP) and the new economic alliance I2U2 (India-US-Israel-UAE) are anticipated to be advantageous. FTP claims to speed up cross-border e-commerce exports and decrease the cost and time associated with export authorizations.
Fortunately, the one matter that can cause the relationship to deteriorateu2014settling more trade in rupeesu2014has not yet come up. Growing trade and political trust are likely to herald new greenfield investments by the US in India rather than China.
Imran Khan, a former prime minister of Pakistan, pleaded angrily in response to India’s overall effective balancing: Why don’t we have a mature foreign policy like India’s? They conduct business with China, the US, and Russia for cheap energy.
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