Trade with India saw biggest jump in 1 year

Kolkata: US's trade with its top 15 partners increased over the past one year, but the single biggest jump was with India, the country's Consul General in Kolkata Melinda Pavek said.

Pavek, while addressing a session here at the East India Summit 2022 organised by the Confederation of Indian Industry (CII), said India-US trade stood at $67 billion during the first six months of 2022. "Exports to India were $23 billion, while Indian exports to the US stood at $44 billion during January-June. "US trade with its top 15 partners has increased over the past year, but I am proud to say that the single biggest jump was with India... US companies are consistently India's biggest source of foreign direct investment (FDI)," she said.

In 2021, overall US-India bilateral trade in goods and services was $157 billion, as per official data. Some of the top trading partners of the US include China, Canada, Mexico, Japan, Germany, the United Kingdom and France. Pavek also said several US agencies are involved in developmental projects in eastern India. "Being based in Kolkata, a key hub of India's Act East Policy, has helped us understand that the development of ports, inland waterways and multi-modal logistics infrastructure in this part of India has significant potential to improve regional connectivity, especially among the BBIN countries (Bangladesh, Bhutan, India and Nepal).

"We are closely following the progress of port infrastructure development at Kolkata and Haldia... and hold meetings with the Kolkata port authorities to explore potential areas of commercial engagement in their projects," she said.

The US also engages with West Bengal Transport Department to find ways to support the World Bank-funded inland water transport projects in this state, Pavek added.