by | Mar 18, 2010 | Exports, Imports

… already tie U.S. & India as they sign trade framework

U.S. Trade Representative Ron Kirk and Indian Minister of Commerce and Industry Anand Sharma signed a “Framework for Cooperation on Trade and Investment” March 17, and followed up by launching the “Integrating U.S. and Indian Small Businesses into the Global Supply Chain” initiative. Both governments have recently implemented policies aimed at getting more small businesses to engage in cross-border trade, the U.S. with the National Export Initiative, and India in the form of 2010-11 budget objectives that extend a subsidy for small and medium exporters. U.S.-India trade has more than doubled in the last five years.

The Datamyne ranks “petroleum oils and oils from bituminous minerals” (HS 270900) as India’s leading import from the U.S. Ranked number 2 and 3 are “gold, nonmonetary, unwrought” (710812) and “gold, nonmonetary, semimanufactured” (710813) — to be expected, given that India is the leading consumer and the U.S. one of the leading sources for gold (although The Datamyne top 5 U.S. exporting districts may surprise).

India is also one of the largest exporters of gold jewelery items in the world. India’s export of gold jewelery products in February 2010 saw a big jump of 37.51% compared to the same period last year, according to provisional figures released by India’s Gem and Jewelery Export Promotion Council (GJEPC). Closing the circle, U.S. is the largest importer of India-made gold jewelery items.

The Datamyne can help you learn more about opportunities to buy and sell in India. Contact us.

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