What is the import data of India from the USA?
The economic relationship between import data of India and the USA has been well-established for a notable period also it has been on the rise in recent times while representing a strengthening of the trade partnership.
In 2022 the total trade between the two countries stood at $146.1 billion.
While both countries export and import goods to and from each other in this blog, we will only focus on India’s imports from the USA.
We will also discuss the key categories of imported products, trends, challenges, and opportunities for India’s imports from the USA.
Overview of India’s imports from the USA:
India and America are very good friends when it comes to buying and selling things
India’s imports from the USA have also been growing regularly.
According to the data that was given by the Ministry of Commerce and Industry India’s import export data from the USA in 2021-22 were worth $25.7 billion.
Precious stones and metals, machinery and equipment, mineral fuel and oil, organic chemicals, medical and scientific equipment, and various agriculture products were some of The top imported products from the USA.
Key categories of imported products from the USA
Machinery and Equipment
In the last few years, India has been buying many machines and tools from America.
The United Nations Comtrade Database also shared some information that says India bought machines worth $5.5 billion from the USA in the year 2021.
India mainly buys three types of machinery and equipment from the USA.
These are Industrial machinery, power-generating equipment, and telecommunications equipment.
India indeed needs a lot of big machines to make things like buildings, mines, and other things.
They get these machines from states and use them in different kinds of assignments.
Precious Stones and Metals:
People in India are very fond of gems and jewelry.
They love buying lots of gold and diamonds and are the number one consumer of these precious items in the whole world.
USA is one of the main places where India gets these beautiful things from.
Last year, India bought precious stones and metals worth $2.1 billion from the USA.
We know this because the Gems and Jewellery Export Promotion Council collected some information and shared it with us.
The major imported items include rough diamonds, cut diamonds, and gold.
The United States is good at producing diamonds.
Mineral Fuel and Oil:
India needs a lot of oil to make things go and we are the third-biggest user of it in the world!
To get enough oil we buy it from other countries, like the USA. It is one of our main places to get oil from.
After going through the data shared by The Ministry of Petroleum and Natural Gas Last year we found that India bought a lot of oil from USA.
It was 204.92 million big barrels of oil!
America exports liquefied natural gas (LNG) to India.
This gas helps make power and is used in factories and big industries.
Organic Chemicals:
The chemical industry in India is taking rapid growth and expansion and the United States is a notable provider of organic chemicals to the country.
As per the study from the United Nations Comtrade Database India bought organic chemicals worth $1.3 billion from the USA.
The imported items include acyclic alcohols, benzene, and ethylene.
America produces really good chemicals that are used in making medicine, plastic things, and clothes.
Medical and Scientific Equipment
The USA also supplies medical and scientific equipment to India.
India imported medical and scientific equipment worth $1.7 billion from the USA in 2021.
The imported items include diagnostic equipment, surgical instruments, and medical imaging equipment.
The USA is also known for producing advanced medical and scientific equipment.
Agriculture Products:
The United States gives a lot of exports a lot of products to India. As we have also discussed earlier.
And agriculture products are also an addition to it.
In the year 2021-22, India bought farm things from the USA that cost $2.7 billion.
The major imported items include almonds.
America is also well known for producing high-quality almonds that are very much high in demand.
Challenges and Opportunities for India’s Imports from the USA:
India faces some tough challenges when they want to buy things from America like laws and rules about trade that can make it hard.
The USA has made it harder for India to sell things thereby putting up trade barriers like really high taxes on steel and aluminium.
This has hurt India’s ability to export stuff to the USA.
However, India’s imports from the USA also present various opportunities for diversification.
India can buy more things from America, like machines that think and robots that can help make things.
This can help India make better things too!
India can also import unique things from America like windmills and special panels that can make energy from the sun.
This can help India get more clean and good energy, and help them reach their goal of using more of this kind of energy.
Importance of US-India Trade Relationship:
The USA and India care about buying and selling things to each other. It’s very important for both of them!
They both are interdependent as both of the countries are big economies and also trade together.
India is an open market to States and vice versa.
Also, the USA is one of the major investors in India.
The states and India have also signed various trade agreements, such as the Generalized System of Preferences (GSP).
This provides duty-free access to certain Indian exports to the USA.
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