India’s bilateral trade in goods with USA is likely to cross USD 100 billion by 2020 from the current level of USD 85 billion in 2018, said PHD Chamber of Commerce and Industry in a recent press statement. The attraction for trade in goods between India and USA is gaining momentum in the recent years and is expected to become more stronger in the coming times, said Rajeev Talwar, President of the chamber.
The share of USA in India’s bilateral trade in goods has increased from 9% in 2017 to 10% in 2018 whereas India’s exports with USA grew by 13% and India’s imports from USA grew by 38% in 2018.
India’s bilateral trade in goods with USA is growing rapidly from 2% in 2016, 13% in 2017 and 21% in 2018. The volume of trade with USA has also increased significantly from USD 62 billion in 2016, USD 70 billion in 2017 and to USD 85 billion in 2018, the bilateral trade between the largest economy, USA, and the fastest growing economy, India, is expected to touch new highs at US $ 125 billion by 2022, said Talwar.