From January to December 2021, the US Census Bureau reported that bilateral trade between India and the US amounted to $113.391 billion. Over $73 billion worth of goods were exported by India, and about 40 billion worth were imported.
US-India bilateral trade has been on an upward trajectory for 20 years and has shrunk year on year only three times since 2002, according to Richard M. Rossow, the Wadhwani Chair in US-India Policy Studies at the Center for Strategic and International Studies.
Trade fell from $92.1 billion in 2019 to a little over 78.2 billion in 2020, which was an unusual year caused by a coronavirus (Covid-19) pandemic and economic restrictions. When this occurred, India exported goods worth $57.8 billion and imported goods worth $34.2 billion.
Richard M. Rossow said, “While we should certainly pause to celebrate the milestone of crossing the $100 billion in bilateral trade, it is not far off the overall trajectory of the trade relationship in this period”. According to him the 45% jump was because of the “deep trough” in 2020 as India and the US dealt with the initial onslaught of the coronavirus.