Bilateral Trade between India and US Grew 14.5%: Piyush Goyal

Bilateral Trade between India and US Grew 14.5%: Piyush Goyal

SMEStreet Desk
New Update
Piyush Goyal, Union Budget, MSME, BUdget 2019

The bilateral trade in goods and services registered a growth of 14.5% in the year 2018 with the US. The bilateral trade in goods registered a growth of 22.4% (DGCIS figure) and bilateral trade in services registered 9.3% (US Census Bureau) in 2018.

India exported goods worth of USD 6.3 billion (as per USTR figures) to U.S. under the GSP programme during the calendar year 2018, which contributed 12.1% of India’s total export to the US in the year. The impact will vary across products, depending on the individual product level concessions constituting the average duty concession of 3.8% on India’s exports to the US in 2018 availing GSP benefits, and other factors specific to each product.

The Minister of Commerce and Industry of India and the US Commerce Secretary recently held a bilateral meeting on 06th May, 2019.

The issues covered various areas of mutual concern including a general consensus on taking the trade relationship to a higher level.

Trade related issues are a part of any ongoing economic relationship, and will continue to be discussed and addressed as a part of the regular bilateral trade engagement between India and the US.

This information was given by the Minister of Commerce and Industry, Piyush Goyal, in a written reply in the Lok Sabha.

Rajya Sabha Piyush Goyal Bilateral Trade