As the US economy fights its way out of a slowdown, the country’s goods trade (non IT) with India is all set to touch a $100 billion mark (Rs 48,900 crore) by 2014, a senior official at the economic affairs wing of US Consulate said.
“By 2011 end trade between India and the US could touch $55 billion and the trade between the two countries is set to double within three years. As of now the trade of balance is in favour of India,” Robert Carlson, head, political and economic affairs, the US Consulate General, India told HT. In 2010 the total trade between India and the US stood at $ 48.8 billion.
Till July end (2011) the trade stands at $33.5 billion with exports to the US touching $21.1 billion and imports touching $12.4 billion.
“Inspite recession fears trade is increasing between India and its biggest trade partner US, and it is all set to touch an all time high by the end of this colander year. This is mainly happening because now the small and medium enterprises too are contributing more and more to the exports,” said RK Chopra, secretary general, Indo-American Chamber of Commerce who analyses the data for the institution.
Analysts said India is set to import more of home land security system within next three years, combined with nuclear related imports (due to Indo-US nuclear tie). “This would lead to the US exports figure growing by leaps and bounds,” said Chopra. Meanwhile India’s exports would also see an increase in automobile and aerospace sector—mainly components.