USA is a highly developed country with a market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It had the world's eighth-highest per capita GDP (nominal) and the ninth-highest per capita GDP (PPP) in 2022. The United States has the most technologically powerful and innovative economy in the world. The U.S. economy is dominated by services-oriented companies in areas such as technology, financial services, healthcare and retail. Large U.S. corporations also play a major role on the global stage, with more than a fifth of companies on the Fortune Global 500 coming from the United States.
India-U.S. bilateral relations have developed into a "global strategic partnership", based on shared democratic values and increasing convergence of interests on bilateral, regional and global issues. The rapidly expanding trade and commercial linkages form an important component of the multi-faceted partnership between India and the United States. The U.S. is India’s top most trading partner both in terms of merchandised goods and engineering goods as well during 2021 (Trade Map). The two countries have a total bilateral trade of around USD 119.4 billion during 2021-22.
Engineering trade accounts for around 23% of bilateral merchandise trade between India and USA. India’s engineering exports to USA witnessed a growth of 47% and engineering imports registered a growth of 50% during 2021-22 compared to same period last year. USA is the top most exporting destination for India's engineering products during 2021-22 vis-à-vis 2020-21 registering a growth of 53%. On the other hand, North America region ranks second in terms of highest shipment of engineering products from India during 2021-22 over 2020-21 with a share of 19% percent of total engineering exports. Major engineering products exported to USA includes electronic machinery and equipment, products of iron and steel, auto components/parts, industrial machinery for diary, aluminium and products, iron and steel and products etc.
Given the profile of fasteners, India’s globally exports more than 28% of fastener to USA, 11% to Netherland, 10.4% to Germany, 7.5% UK, 5.2% to UAE and remaining 40% to other countries during 2021. While India ranks as the seventh destination in terms of USA’s global import of fasteners and the top importers being Taiwan and China constituting 50% share of USA imports, Japan constituting a share of 8.3% and Canada constituting 5.2% share respectively during 2021.
Engineering products like Electrical Machinery and Equipment, Industrial Machinery, Ferrous and Non Ferrous Metal Products, Automobile and auto components are the major product groups in the global import basket of USA. Therefore, Indian engineering producers and traders have ample scope to explore the USA market as India exports products of all these segments in a good quantity. Moreover USA is the top most destination for Indian engineering products. With the advent of International Fasteners Expo 2022 (Oct 17-19th 2022), one of the largest B2B expo for fasteners, tooling, and machinery in North America, various manufacturers, distributors of the engineering fraternity across the globe are going to showcase their products maintaining proper build-in relationship and networking, identifying existing and new products and suppliers. The event will play a major role for Indian fastener manufacturers and distributors, opening doors to major growth opportunities in this industry.