U.S.-India Trade Plunges In First Quarter

Trade between the United States and India dropped 23.47 percent in value to $8.2 billion during the first quarter of 2009, compared with $10.69 billion during the same period last year.

Indian exports to the U.S. during the first quarter of 2009 fell by 22.63 percent to $5.22 billion as shipments of Indian natural pearls, precious and semiprecious stones, and pharmaceutical products all declined. During the same period in 2008, Indian exports to the U.S. were $6.75 billion, according to the U.S. International Trade Commission.

U.S. exports to India dropped by 24.9 percent to $2.96 billion during in the first quarter of 2009, compared with $3.94 billion during the same period last year. The Federation of Indian Export Organizations said the figures show that the U.S. economy is still in recession, but it said bilateral trade could start to recover during the first quarter of 2010.

In 2008, India's exports to the U.S. were $25.86 billion, while its imports from the U.S. were $17.33 billion. The United States accounted for about 12 percent of India's total exports of $168.7 billion during India's 2008-9 fiscal year, measured in value.

Contact Alan Field at afield@joc.com.