Indo-US bilateral trade rises to $48.71 billion during April-December

NEW DELHI: Reflecting an improvement in economic ties with the US, the bilateral trade has increased to $48.71 billion during April-December of this fiscal, Parliament was informed today.

The two-way commerce is estimated at about $46.83 billion in April-December 2013.

During the first nine months of the current fiscal, exports to the US aggregated at $32.48 billion and imports $16.22 billion, Commerce and Industry Minister Nirmala Sitharaman said in a written reply in the Lok Sabha.

Further, the country's exports of top 10 commodities including petroleum products, drug formulation, cotton fabrics and marine products to the US have increased to $19.95 billion during April-December 2014 from $18.18 billion in the same period last year.

Imports of top 10 commodities including gold, aircraft, electric machinery, medical and telecom instruments rose to $8 billion during the period from $6.43 billion in April-December 2013.

The two-way commerce in 2013-14 stood at $61.66 billion as compared to $61.36 billion in the previous fiscal.

The minister said that during the recent visit of US President to India, both the sides agreed to continue to strengthen their broad-based partnership for development through stronger trade, technology, manufacturing and investment linkages between the two countries.