India-US trade estimated to touch $140 billion in 2017: USISPF

Posted by Daily Shipping Times on 05-02-2018        Tweet

WASHINGTON: Trade between India and the US is estimated to have jumped substantially from USD 118 billion in 2016 to USD 140 billion in 2017, according to an advocacy group that aims to promote bilateral trade.

In 2016, India was the ninth largest trading partner of the US and one of the major countries with which America has had trade deficit of more than USD30 billion.

"We estimate that in 2017 India's trade (with the US) has gone up from USD 118 billion (the previous year) to USD 140," Mukesh Aghi, President of the US India Strategic and Partnership Forum (USISPF) said recently.  Official figures of annual bilateral trade are yet to come, but the USISPF estimates are based on its own research and surveys.

"India roughly has a thousand plane orders with US companies. That will start bringing trade imbalance in the right direction. India, last year bought USD 2 billion worth of energy from the US. India spends roughly USD 80 billion dollars acquiring energy. And I think a lot of that will start moving to the US," he said.