U.S. Trade Deficit With India Reaches $54.9 Billion Over Past Year
WASHINGTON — The United States recorded a $54.91 billion goods trade deficit with India over the past 12 months, placing it among Washington’s larger deficit partners, according to newly released government data.
The figures come as the overall U.S. trade deficit widened in February to $57.35 billion, an increase of $2.67 billion from January, though still below the 12-month average.
Exports totaled $314.8 billion during the month, while imports reached $372.1 billion, reflecting stronger growth in imports than exports.
In goods trade, the U.S. posted a deficit of $84.60 billion, while the services sector recorded a surplus of $27.26 billion. The goods deficit expanded from the previous month, while the services surplus narrowed slightly.
India remained a notable contributor to the U.S. trade gap. In February alone, the U.S. recorded a goods trade deficit of about $3.5 billion with India. Over the past year, India accounted for roughly 5.01 percent of the total U.S. goods trade deficit.
Imports from India totaled $101.97 billion over the 12-month period, underscoring its role as a key supplier of pharmaceuticals, engineering goods, and other products. These imports generated $12.34 billion in U.S. customs duties, with an average applied tariff rate of 12.12 percent.
The broader U.S. trade imbalance continued to be driven by larger deficits with countries such as Mexico, Vietnam, and China.
Exports in February were supported by higher shipments of industrial supplies and materials, including nonmonetary gold and natural gas, along with modest gains in services exports.
Imports, however, rose more sharply, led by demand for capital goods, computers, semiconductors, crude oil, and pharmaceutical products.
Over the past year, leading U.S. exports included civilian aircraft, pharmaceuticals, and nonmonetary gold, while top imports were pharmaceuticals, computers, and passenger vehicles.
Despite the monthly increase, year-to-date data indicates some easing in the trade imbalance compared with the same period last year, with exports rising and imports declining on an annual basis.
In February, the U.S. collected $21.24 billion in import duties, about 13 percent below the 12-month average, with an average applied duty rate of 8.48 percent. (Source: IANS)
