India 19th largest supplier to US markets
India has achieved a share of 1.02% of total US merchandise imports in 2002 and is the 19th largest supplier to US market. This was stated by Shri Arun Jaitley, Union Minister of Commerce & Industry, in the Rajya Sabha today.
India’s merchandise trade with USA has steadily increased since 1998 to 2002 except in the year 2001 when it declined by 5.9% from the previous year. In the first five months of fiscal year 2003-04, India’s merchandise exports to USA are estimated at US $ 5.47 billion as compared to US $ 5.02 billion in the same period last year.
The government’s efforts to expand Indo-US trade are a sustained and continuous process. Besides, promoting India’s exports to USA in general and identifying products with good export potential, efforts are made to break into new areas. Special emphasis is given to developing new and fast growing areas, such as information technology and biotechnology, promoting exports through participation in major trade shows and specific trade promotion events, apart from streamlining the information and data base. Close monitoring is done of important bilateral trade related issues in liaison with US authorities, Shri Jaitley said.
(Release ID :441)