India-US trade dips 23.47 pc in Jan-Mar 2009

Washington/New Delhi, May 13 (PTI) India's trade with
recession-hit US dropped 23.47 percent to USD 8.2 billion in
January-March 2009, although exports of select items such as
steel and apparels showed growth during the period.

Overall exports, however, fell by 22.63 per cent to USD
5.22 billion in the the first quarter of the American
financial year as arrivals of natural pearls, precious and
semiprecious stones and pharmaceutical products declined.

Exports in the same period last year were USD 6.75
billion, according to data released by the US International
Trade Commission.

India's imports dipped by 24.9 per cent to USD 2.96
billion in the first three months of 2009 over USD 3.94
billion in the year-ago period.

Trade between the two countries during January-March 2008
was USD 10.69 billion.

The Federation of Indian Export Organisations (FIEO) said
the figures suggest that the US economy is still in recession
and could start picking up in the first quarter of 2010.

"It (India-US trade) is in line with global change. The
recession is worldwide and it cannot be decoupled," FIEO
Director General Ajay Sahai said.

However, India's exports of iron and steel increased to
USD 476.3 million from USD 430.9 million in the first quarter
of 2009. Similarly, consignments of organic chemicals,
apparels and clothing accessories showed improvement.

As far as India's imports from the US are concerned,
aircraft, spacecraft and parts were the worst affected.
Shipments of these items fell to USD 297.6 million in
January-March 2009 from USD 1.2 billion in the same period
last year.

In 2008, India's exports to the US were USD 25.86 billion
while imports were USD 17.33 billion.

The US accounted for about 12 per cent of India's total
exports of USD 168.7 billion in Indian financial year 2008-09.
PTI