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 119.5 billion during 2021-22 and approximately around US$ 128.78 billion during 2022-23 registering a growth of 7.8%.
Engineering trade accounts for around 25% of bilateral merchandise trade between India and USA. India’s engineering exports to USA witnessed a growth of 47% in 2021-22 and 6.8% during 2022-23 compared to same period last year. While engineering imports registered a growth of 50% during 2021-22 and 38% during 2022-23 compared to same period last year. USA is the top most exporting destination for India's engineering products during 2022-23 as well as during previous fiscal 2021-22 registering a growth of 6.8% in current fiscal and 53% growth in the last fiscal. On the other hand, North America region ranks as the top most destination for shipment of engineering products from India during 2022-23 with a share of 22% percent of total engineering exports. Major engineering products exported to USA includes Products of iron and steel, electrical machinery and equipment, auto components/parts, industrial machinery for diary, aluminium and products, iron and steel and products etc. Major products imported from USA includes ferrous and non-ferrous metal scraps, electrical machinery and equipment, pumps and valves, other industrial machinery, turbo jets and other gas turbines, parts and accessories of motor vehicles, medical device and equipment, auto components and parts, etc.
Given the profile of housewares industry, India globally exports more than 33.3% of Household and kitchen wares to USA, 5.5% to UAE, 5.3% to UK, 4% to Germany, 3.4% to Saudi Arabia and remaining 48.5% to other countries during 2021 (Trade Map). While India ranks as the fourth largest supplying market to USA’s for Household and kitchen wares and the top importers being China, Mexico and Canada, whereas China constituting more than 55.6% share of USA imports, Mexico constituting a share of 9.9% and Canada constituting 4.7% share respectively as per latest figures.
Engineering products like Electrical Machinery and Equipment and parts, Industrial Machinery and parts, Automobile and auto components, Pharmaceutical and optical machinery and instruments, Ferrous and Non Ferrous Metal Products, 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. The event will play a major role for Indian houseware and kitchen ware industry, opening doors to major growth opportunities in this industry.