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47% in Jan-Mar 2009
Press Trust of India / Washington/ New Delhi May 13, 2009, 15:34 IST
India's trade with recession-hit US dropped 23.47 per cent to $8.2 billion in January-March 2009, although exports of select items such as steel and apparels showed growth during the period.
Overall exports, however, fell by 22.63 per cent to $5.22 billion in the the first quarter of the American financial year as arrivals of natural pearls, precious and semiprecious stones and pharmaceutical products declined. Exports in the same period last year were $6.75 billion, according to data released by the US International Trade Commission. India's imports dipped by 24.9 per cent to $2.96 billion in the first three months of 2009 over $3.94 billion in the year-ago period. Trade between the two countries during January-March 2008 was $10.69 billion. The Federation of Indian Export Organisations (FIEO) said the figures suggest that the US economy is still in recession and could start picking up in the first quarter of 2010. "It (India-US trade) is in line with global change. The recession is worldwide and it cannot be decoupled FIEO ," Director General Ajay Sahai said. However, India's exports of iron and steel increased to $476.3 million from $430.9 million in the first quarter of 2009. Similarly, consignments of organic chemicals, apparels and clothing accessories showed improv ement. As far as India's imports from the US are concerned, aircraft, spacecraft and parts were the worst affected. Shipments of these items fell to $297.6 million in January-March 2009 from $1.2 billion in the same period last year. In 2008, India's exports to the US were $25.86 billion while imports were $17.33 billion. The US accounted for about 12 per cent of India's total exports of $168.7 billion in Indian financial year 2008-09.
For Immediate Release: November 23, 2009 Contact: Tim Truman (202) 482-3809 UNITED STATES AND INDIA AGREE TO ENHANCED PROMOTION OF FOREIGN INVESTMENT
WASHINGTON ± Foreign direct investment has been proven to positively contribute to economic growth. Today, the United States and India signed a memorandum of intent to collaborate on the promotion of investment in both countries. The MOI, signed by Acting Under Secretary of Commerce for International Trade Michelle O¶Neill and Indian Secretary of Department of Industrial Policy and Promotion Ajay Shankar, commits the U.S. and Indian governments to undertake relevant activities through their respective Invest in America and Invest India programs that are designed to strengthen bilateral investment ties, expand business cooperation between U.S. and Indian enterprises, and enhance economic growth opportunities.
collaboration on clean energy and environmental services. the US Trade Representative. playing an integral role in getting Americans back to work. To a specific question about grant of H1B visas to Indian techies. investment irritants New Delhi. He said both sides also agreed to work together to support greater involvement of small and medium enterprises in each others markets and to pursue initiatives in the further development of India¶s infrastructure. The US side acknowledged this fact and assured ³positive´ stance on the information.S. Mr Sharma said the issue cropped up both at the official and ministerial meeting and it was impressed upon the US that the India IT industry had not only infused capital but also generated employment in the US and that any step that discourages India¶s IT sector would also hurt the US. Oct. ³Today¶s agreement will enhance promotion of foreign direct investment that leads to increased exports of our manufactured goods and services. and to assist visiting investors from one country in contacting investment and industry experts in the other country. Earlier. would act as ³a catalyst for regular engagement´ and it was agreed that the Commerce Secretary and the Deputy USTR as deputy chairs would meet twice a year to resolve outstanding bilateral issues.´ O¶Neill said. The Minister said that the US has given last week a draft framework report on this and the Commerce Secretary would be sending India¶s response soon on that. He said the US appreciated India¶s action on this score. US plan to remove trade.´ The MOI calls for both Invest in America and Invest India to be central points of contact for existing and potential foreign investors who seek opportunities for investment. establishments (totaling over $350 billion in wages in 2006). said the US has sought a more liberal environment for US investments into India. U. ³We would also like to see more improvement and openness in the investment environment for US businesses in India.´ . the Union Commerce and Industry Minister. communication and technology (ICT) sector. addressing a news conference. to share data on bilateral investment flows.³We¶re very pleased that we are able to enter into this partnership with India during Prime Minister Singh¶s visit. 26 2009 India and the US on Monday agreed to work in concert to evolve a framework for promoting real and meaningful cooperation in trade and investment which would address mutual irritants impeding the bilateral economic engagement. and generate nearly 20 percent of all U. Mr Anand Sharma. Mr Sharma said that the US raised concerns on India¶s IPRs record and a presentation was made to the experts on India¶s µstrong¶ institutional machinery not only in tracking violators but also punishing them as such violations of patents and copyrights hit the domestic industry too. to provide information about policies related to direct investment.S. information and communications technolo gies and other key sectors. Mr Sharma said that there would be another such agreement on intellectual property rights (IPRs) including traditional knowledge.S. convened after a gap of 20 months. India. subsidiaries of foreign firms employ more than five million workers in the United States. said that such a framework agreement would be signed ³very soon´ without indicating the timeline. Mr Sharma said that today¶s meeting. Mr Ron Kirk. pay on average 25 percent higher wages and salaries than U. exports. to exchange information on investment promotion activities and services. Addressing a press conference here to announce the outcome of the India-US Trade Policy Forum meeting held here.
20233 .3 y y y y 'TOTAL' may not add due to rounding.669.S.S.4 1.5 1.0 -535. and not seasonally adjusted unless otherwise specified.681.8 15. He said both sides held a ³productive´ discussion on bilateral issues governing trade and investment.771. Foreign Trade Division.568.9 18.611. healthcare. Washington.666.471.3 2. Census Bureau.126.647.4 1.197.C.8 1.7 1. U.830.3 1. D. Table reflects only those months for which there was trade.4 1.138.He said that he had discussed with Mr Sharma ways and means to improve trade and investment in infrastructure.8 -429.7 -171.270.7 -3.580.1 1. education. Census Bureau.506.768.7 1.8 1.3 -105.640.9 1. CONTACT: Data Dissemination Branch.397.1 1. Data Dissemination Branch.8 1. Trade with India : 2009 NOTE: All figures are in millions of U.2 -137.8 1. dollars.2 12.819. Month January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 July 2009 August 2009 September 2009 TOTAL Exports 1. (301) 763-2311 SOURCE: U.S.7 Imports 1.4 1.4 -498.9 -645.044. Mr Kirk also sought a greater market access for US in goods and services segment and financial services segment in particular.069.0 Balance -692. information technology and energy.
204.1 2.1 2.6 2.823.8 1.104.828.640.S.3 Imports 1. and not seasonally adjusted unless otherwise specified.7 834.0 17.7 362.0 1. 20233 Trade with India : 2007 NOTE: All figures are in millions of U. D. Month January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 TOTAL Exports 1.4 -8.1 1.3 y y y y 'TOTAL' may not add due to rounding.4 2.4 25.9 . Data Dissemination Branch.S.1 242.2 1.863. (301) 763-2311 SOURCE: U.9 49.022.4 709. dollars.682.704.6 2.275.3 805.698.7 801. Foreign Trade Division.9 1.030.066.8 824.4 358.6 1.6 1.S.022.2 2.7 1.9 1.183.992.847.2 1.441.877.127.5 739.6 2.251. Table reflects only those months for which there was trade.222.103.094.0 877.3 1.Trade with India : 2008 NOTE: All figures are in millions of U.4 1.6 2.393. Census Bureau. CONTACT: Data Dissemination Branch. and not seasonally adjusted unless otherwise specified.S.226.229.6 -863.1 Imports 2.C.2 1.2 Balance -1.446.914.023. U.4 1. Census Bureau.046. Month January 2007 February 2007 Exports 897. Washington.4 Balance 1.444.9 2. dollars.2 1.
9 -819. U.5 -773. Census Bureau.2 1.9 1.060.199.3 1.7 -793.4 24.S.4126.96.36.199 -1.4 1.404.7 1. Table reflects only those months for which there was trade.8 -417.6 -1.902.4 y y y y 'TOTAL' may not add due to rounding.3 1. CONTACT: Data Dissemination Branch.2 1.779.630.3 -9.7 -37.1 1. (301) 763-2311 SOURCE: U.8 -841.6 1.207.1 1.0 -459.7 -583.1 2.210. 20233 .983. Census Bureau.597. Foreign Trade Division.073.208.S. Data Dissemination Branch.2 14.387.1 2.6 772.468. D.968.928.742.8 2.871.8 1.March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 TOTAL 924.C.992.9 2.104.5 1. Washington.3 1.0 1.
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