News:The US President who is on a visit to India has said that India and the United States will sign an incredible trade agreement to reduce barriers of investment.
Facts:
Trade between India and US:
- United States goods and services trade with India in 2018 was around $142.6 billion.
- The current balance of trade is tilted in India’s favour as the US has $25.2 billion trade deficit with India in 2018.
- India is the United States ninth largest goods trading partner.On the other hand, recently the United States has become India’s top trading partner surpassing China.
Exports:
- India is the United States 12th largest goods export market in 2018 while the United States of America(USA) is India’s largest export destination.
Imports:
- India is the US’s 10th largest supplier of goods imports in 2018.On the other hand,the United States is India’s second largest supplier of goods imports.
Investment:
- The US is the sixth largest source of foreign direct investment (FDI) to India.
- Cumulative FDI inflows to India from the US for the period 2000-2019 stood at around US$ 27 billion constituting more than 6% of total FDI inflows to India
