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US Versus India Key Product Trade Balances

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Indian Rupee (courtesy of Pixabay.com)
Indian Rupee (Pixabay)
The United States of America experienced a total -US$25.5 billion trade deficit at the hands of India in 2019. America’s latest yearly negative trade balance with India reflects a 1.1% increase since 2015 and an 11.2% expansion from its -$22.9 billion in red ink during 2018.

To give some context to the magnitude of America’s product deficit from exchanging exported and imported goods with the Republic of India, its -$25.5 billion US deficit with India in 2019 equals just 1.8% of America’s overall -$923.2 billion deficit during 2019 when world trade with all countries is contemplated. Globally, America’s trade deficit with all trade partners decreased via a -2.4% contraction in red ink for the US from 2018 to 2019.

Key USA Product Trade Balances with India

US Surpluses

The following 25 products generated the greatest surpluses for America from its trade with India in 2019, generating a subtotal $16.9 billion in black ink for the US.

  1. Crude oil: US$5.6 billion (up 70% from 2018)
  2. Gold (unwrought): $1.5 billion (down -22.6%)
  3. Coal, solid fuels made from coal: $1.23 billion (down -25.2%)
  4. Miscellaneous aircraft, spacecraft (e.g. helicopters, launchers): $1.18 billion (up 382.9%)
  5. Miscellaneous nuts: $816.5 million (up 24.3%)
  6. Acyclic hydrocarbons: $785.4 million (up 59.3%)
  7. Petroleum gases: $647 million (up 109%)
  8. Cotton (uncarded, uncombed): $599.5 million (up 80.2%)
  9. Iron or steel scrap: $501.5 million (up 18.6%)
  10. Paper/paperboard waste, scrap: $484 million (down -8.9%)
  11. Computers, optical readers: $451.9 million (up 21.7%)
  12. Petroleum oil residues: $330.8 million (down -11.9%)
  13. Ethyl alcohol: $328.7 million (up 23.8%)
  14. Aluminum waste, scrap: $322.4 million (up 5.1%)
  15. Coal tar oils (high temperature distillation): $279.5 million (down -33%)
  16. Physical/chemical analysis tools: $217.9 million (down -0.3%)
  17. Integrated circuits/microassemblies: $209.4 million (up 23.2%)
  18. Initiators/accelerators, catalytic preps: $199.7 million (down -4.6%)
  19. Ethylene polymers: $187.2 million (up 42.1%)
  20. Electro-medical equipment (e.g. xrays): $186 million (down -7.6%)
  21. Oscilloscopes, spectrum analyzers: $174.6 million (down -0.4%)
  22. Copper waste, scrap: $173.1 million (up 17.8%)
  23. Cyclic hydrocarbons: $164.1 million (up 35.4%)
  24. Precious metal compounds: $158.4 million (up 78.3%)
  25. Chemical woodpulp (non-dissolving): $142.5 million (up 1.2%)

The fastest-growing American trade surplus garnered from exchanging products with India from 2018 to 2019 was for the highly capital-intensive product category miscellaneous aircraft and spacecraft thanks to a 382% increase. In second place were petroleum gases (up 109%), uncarded and uncombed cotton (up 80.2%), precious metal compounds (up 78.3%) then crude oil (up 70%).

Leading reductions in US trade surpluses with India belong to high temperature-distilled coal tar oils (down -33%), coal including solid fuels made from coal (down -25.2%), unrefined gold (down -22.6%) and petroleum oil residues (down -11.9%).

US Deficits

The following 25 products caused the greatest amounts of red ink for the United States trading with India in 2019, accounting for a -$29.9 billion negative subtotal for America exchanging goods with its Asian trade partner India.

  1. Medication mixes in dosage: -US$7.4 billion (up 22.1% from 2018)
  2. Diamonds (unmounted/unset): -$3.8 billion (down -7.1%)
  3. Processed petroleum oils: -$3.5 billion (up 31.8%)
  4. Crustaceans (including lobsters): -$2.2 billion (up 7.8%)
  5. Linens: -$2 billion (up 0.2%)
  6. Jewelry: -$1.7 billion (up 6%)
  7. Automobile parts/accessories: -$1.13 billion (up 12.1%)
  8. Cars: -$1.1 billion (up 0.8%)
  9. Women’s clothing (not knit or crochet): -$627.7 million (up 13.7%)
  10. Transmission shafts, gears, clutches: -$561.3 million (up 10.3%)
  11. Jerseys, pullovers (knit or crochet): -$538.9 million (up 4.7%)
  12. Women’s shirts (not knit or crochet): -$496.5 million (down -1.4%)
  13. Vegetable saps, extracts: -$481.7 million (down -18%)
  14. Miscellaneous furniture: -$477.8 million (up 9.4%)
  15. Woven carpets/textile floor coverings: -$407.8 million (up 4.6%)
  16. Footwear (leather): -$393.5 million (up 2.9%)
  17. Aluminum (unwrought): -$371.4 million (down -17.9%)
  18. Monument/building stones, art: -$359.9 million (down -1.7%)
  19. Cases, handbags, wallets: -$353.5 million (up 12.3%)
  20. Miscellaneous engines, motors: -$353.5 million (up 94.7%)
  21. Taps, valves, similar appliances: -$351.2 million (down -0.9%)
  22. Heterocyclics, nucleic acids: -$348.6 million (up 4.3%)
  23. Miscellaneous heterocyclics: -$338.7 million (up 14.2%)
  24. Iron or steel pipe fittings: -$332.6 million (up 12.7%)
  25. Rubber tires (new): -$328.2 million (up 13.9%)

Generating the greatest percentage increases for America’s product deficits caused by trade with India from 2018 to 2019 were miscellaneous engines and motors (up 94.7%), processed petroleum oils (up 31.8%) and medication mixes in dosage (up 22.1%).

Leading the shrinkage in US product-specific deficits in the trade with India year over year were vegetable saps and extracts (down -18%), unrefined aluminum (down -17.9%) then unmounted and unset diamonds (down -7.1%).

Sources

Research Sources:
International Trade Centre, Trade Map. Accessed on April 8, 2020

Investopedia, Net Exports Definition. Accessed on April 8, 2020

See also Top United States Trade Balances, Top Indian Trade Balances