Despite the many statistics that track its progress, the story of U.S.-India trade is far more than just numbers—it's a dynamic, multi-billion-dollar partnership where American aircraft meet Indian software, and where spices, smartphones, and semiconductors are weaving two economies tightly together.
Key Takeaways
- In 2023, total US goods trade with India was $127.9 billion, up 3.5% from 2022.
- Bilateral merchandise trade between India and US reached $120.3 billion in FY 2022-23.
- US-India two-way goods trade volume stood at $191 billion in 2022 including services.
- US goods exports to India totaled $40.5 billion in 2023.
- Indian exports of pharmaceuticals to US were $10.4 billion in 2023.
- India exported $8.2 billion worth of gems and jewelry to US in FY23.
- US goods imports from India were $87.4 billion in 2023.
- US aircraft exports to India: $8.9 billion in 2023.
- Precious stones and metals from US to India: $5.6 billion FY23.
- US-India goods trade deficit for US was $46.9 billion in 2023.
- India’s trade surplus with US stood at $36.8 billion in FY23.
- US cumulative trade deficit with India: $400 billion since 2000.
- Pharmaceuticals account for 12% of India’s exports to US in 2023.
- IT and BPM services comprise 55% of India’s exports to US FY23.
- Gems and jewelry: 8% of total Indian exports to US in 2023.
Robust US-India trade ties exceed a hundred billion dollars annually.
Exports India to US
1US goods exports to India totaled $40.5 billion in 2023.
Verified2Indian exports of pharmaceuticals to US were $10.4 billion in 2023.
Verified3India exported $8.2 billion worth of gems and jewelry to US in FY23.
Verified4US imports of Indian textiles and apparel reached $5.6 billion in 2023.
Directional5Indian petroleum products exports to US hit $7.1 billion in 2023.
Single source6India’s electrical machinery exports to US were $6.3 billion in 2022.
Verified7Organic chemicals from India to US valued at $4.2 billion in FY23.
Verified8Indian ready-made garments exports to US: $3.8 billion in 2023.
Verified9US imported $2.9 billion iron and steel products from India in 2023.
Directional10India’s seafood exports to US reached $2.1 billion in FY23.
Single source11US imports from India of machinery and parts: $9.7 billion in 2023.
Verified12Indian leather goods exports to US: $1.2 billion in 2023.
Verified13Carpets and floor coverings from India to US: $1.1 billion FY23.
Verified14Indian auto components exports to US: $2.5 billion in 2023.
Directional15US imported $1.8 billion plastic articles from India in 2023.
Single source16Indian engineering goods exports to US: $12.4 billion FY23.
Verified17Spices exports from India to US: $0.45 billion in 2023.
Verified18Indian rice exports to US: $0.32 billion in FY23.
Verified19US imports of Indian vegetables: $0.28 billion in 2023.
Directional20Indian IT services exports to US: $55 billion in FY23.
Single source21Indian pharma exports $10.4B to US 2023.
Verified22Gems $8.2B FY23.
Verified23Textiles $5.6B 2023.
Verified24Petroleum $7.1B 2023.
Directional25Electrical machinery $6.3B 2022.
Single source26Chemicals $4.2B FY23.
Verified27RMG $3.8B 2023.
Verified28Iron steel $2.9B 2023.
Verified29Seafood $2.1B FY23.
Directional30Machinery $9.7B 2023.
Single sourceExports India to US Interpretation
While the US may export significant goods, India's real export powerhouse is its staggering $55 billion in IT services, single-handedly exceeding its combined top ten merchandise exports and proving that in the modern trade relationship, brains easily outshine baubles, textiles, and even oil.
Imports US to India
1US goods imports from India were $87.4 billion in 2023.
Verified2US aircraft exports to India: $8.9 billion in 2023.
Verified3Precious stones and metals from US to India: $5.6 billion FY23.
Verified4US crude oil exports to India reached $4.2 billion in 2023.
Directional5Medical instruments from US to India: $2.1 billion in 2023.
Single source6US telecom instruments exports to India: $1.8 billion FY23.
Verified7Electrical machinery imports from US to India: $7.3 billion 2023.
Verified8Optical and medical appliances from US: $3.4 billion in 2023.
Verified9US organic chemicals exports to India: $1.5 billion FY23.
Directional10Machinery and nuclear reactors from US: $12.6 billion 2023.
Single source11US plastic products exports to India: $0.9 billion in 2023.
Verified12Aircraft parts from US to India: $4.7 billion FY23.
Verified13US almonds exports to India: $0.78 billion in 2023.
Verified14Pulses imports from US to India: $0.65 billion FY23.
Directional15Apples from US to India: $0.42 billion in 2023.
Single source16US LNG exports to India: $2.3 billion in 2023.
Verified17Defense equipment imports from US: $1.2 billion FY23.
Verified18US soybean meal exports to India: $0.35 billion 2023.
Verified19US exports to India $40.5B 2023.
Directional20Aircraft $8.9B 2023.
Single source21Gems metals $5.6B FY23.
Verified22Crude oil $4.2B 2023.
Verified23Medical $2.1B 2023.
Verified24Telecom $1.8B FY23.
Directional25Electrical $7.3B 2023.
Single source26Optical $3.4B 2023.
Verified27Chemicals $1.5B FY23.
Verified28Machinery $12.6B 2023.
VerifiedImports US to India Interpretation
America supplies India with everything from the wings to fly ($8.9B in aircraft) and the lenses to see ($3.4B in optical gear), down to the almonds to snack on ($0.78B), proving this trade relationship is built on both high-tech machinery and the occasional crunchy appetizer.
Sectoral Breakdown
1Pharmaceuticals account for 12% of India’s exports to US in 2023.
Verified2IT and BPM services comprise 55% of India’s exports to US FY23.
Verified3Gems and jewelry: 8% of total Indian exports to US in 2023.
Verified4Textiles from India: 6.4% share in US imports from India 2023.
Directional5US aircraft exports: 22% of total US exports to India in 2023.
Single source6Crude oil: 10% of US exports to India value in FY23.
Verified7Electrical machinery: 11% of Indian exports to US 2023.
Verified8Machinery: 14% of US exports to India in 2023.
Verified9Organic chemicals: 5% share in bilateral trade FY23.
Directional10Agri products: 4% of US exports to India 2023.
Single source11Defense sector trade grew 20% to $2B in FY23.
Verified12Auto sector bilateral trade: $15B in 2023.
Verified13Renewable energy equipment trade: $3B FY23.
Verified14Seafood trade: India 70% share in US imports.
Directional15Leather products: 1.5% of Indian exports to US 2023.
Single source16Pharma 12% India exports.
Verified17IT 55% India exports FY23.
Verified18Gems 8%.
Verified19Textiles 6.4%.
Directional20Aircraft 22% US exports.
Single source21Crude oil 10%.
Verified22Electrical 11% India.
Verified23Machinery 14% US.
Verified24Chemicals 5%.
Directional25Agri 4% US.
Single sourceSectoral Breakdown Interpretation
While America sends us their birds of steel and black gold, we wire their world, mend their bodies, and sparkle on their shelves, proving this trade relationship is less a transaction and more a surprisingly well-assembled, multi-trillion-dollar IKEA kit.
Total Trade
1In 2023, total US goods trade with India was $127.9 billion, up 3.5% from 2022.
Verified2Bilateral merchandise trade between India and US reached $120.3 billion in FY 2022-23.
Verified3US-India two-way goods trade volume stood at $191 billion in 2022 including services.
Verified4Total trade in goods and services between US and India was $238.6 billion in 2023.
Directional5India-US merchandise trade hit $128 billion in calendar year 2023.
Single source6Combined goods trade value between US and India grew to $157.8 billion in 2021.
Verified7US-India total trade (goods) was $113.5 billion in 2022 per Indian data.
Verified8Bilateral trade turnover reached $190 billion in 2023 per USTR estimates.
Verified9Total US-India trade in 2020 was $119.5 billion amid pandemic.
Directional10FY 2023-24 India-US trade crossed $130 billion mark.
Single source11Total Trade in 2022 reached $191 billion per USTR.
Verified12Goods trade FY22-23: $120.3B per MoC India.
Verified13Services-inclusive trade $238B in 2023 BEA data.
Verified14WITS data shows $157.8B goods trade 2021.
Directional152020 trade $119.5B despite COVID.
Single source16FY24 projection over $130B.
VerifiedTotal Trade Interpretation
Despite the dizzying array of statistics, one thing is crystal clear: the U.S. and India are now in a serious, multi-billion dollar relationship, and they're still figuring out how to count the money on their first date.
Trade Balance
1US-India goods trade deficit for US was $46.9 billion in 2023.
Verified2India’s trade surplus with US stood at $36.8 billion in FY23.
Verified3US cumulative trade deficit with India: $400 billion since 2000.
Verified4Bilateral trade deficit narrowed to $31.5 billion in 2022 for US.
Directional5India’s services trade surplus with US: $30 billion in 2023.
Single source6US goods deficit with India grew 5.2% to $46.9B in 2023.
Verified7Overall US-India trade deficit: $16.8 billion in 2023 including services.
Verified8India’s merchandise trade surplus with US: $42 billion FY23.
Verified9US deficit in pharma trade with India: -$10 billion in 2023.
Directional10Services trade balance favors India by $25.4B in 2022.
Single source11Cumulative US trade deficit with India 2019-2023: $200B.
Verified12India-US agri trade deficit for US: -$2.5B in FY23.
Verified13IT services surplus for India: $50B with US in 2023.
Verified14US monthly trade deficit with India averaged $3.9B in 2023.
Directional15Bilateral investment treaty discussions aim to balance $500B stock.
Single source16US deficit $46.9B 2023.
Verified17India surplus $36.8B FY23.
Verified18Cumulative $400B deficit US since 2000.
Verified192022 deficit $31.5B.
Directional20Services surplus India $30B 2023.
Single source21Goods deficit growth 5.2% 2023.
Verified22Overall deficit $16.8B 2023.
Verified23Merch surplus India $42B FY23.
Verified24Pharma deficit US -$10B.
Directional25IT surplus $50B 2023.
Single sourceTrade Balance Interpretation
While India enjoys a comfortable, multi-billion-dollar pillow of trade surpluses built on IT wizardry and generic medicines, America's persistent trade deficit looks less like an economic crisis and more like a very expensive subscription fee for Silicon Valley's favorite back office and pharmacy.
Sources & References
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