Published On : 09-Feb-2022
Stretching from the sunny tropical beaches of the West coast to the snowy megacities of the East: the United States of America is truly an economic superpower. It is a centre of cultural, political, and social dialogue besides being a global leader in technological advancement and innovation, especially in computers, artificial intelligence, pharmaceuticals, arms and ammunition, and aerospace engineering.
The USA is a champion of the capitalistic economic system. Its free markets have ushered the nation into unprecedented economic prosperity and infrastructural advancement. The nation is home to the world’s richest and most powerful corporations namely Apple, Alphabet, Microsoft, Meta, Tesla among others.
The USA is a mixture of many cultures and beliefs with a wide-ranging and diverse citizenry. Immigrants make up more than a fifth of the population. America is also a financial hub that tremendously affects the economic progress of other countries around the world. Its fiscal health determines global economic well-being, as was seen during the 2008 financial crisis when the housing market’s collapse in America affected the lives of the simplest rickshaw puller or miner or factory hand who lives but a thousands of kilometres away in an altogether different continent.
The nations of India and USA share deeply rooted ties ranging from immigration and trade to military and strategic cooperation. The USA is India’s largest trading partner and top export destination with the bilateral trade volume surpassing $145 Billion in 2021. India’s top export commodities are pearls and precious stones, pharmaceuticals, machinery, electrical equipment and textiles. India is also a top receiver of Foreign Direct Investment from the United States of America besides being the sixth-largest supplier of service imports to the United States. In recent years, India’s wide market, economic growth and progress has made the nation a premier choice of export for American traders. India’s top imports from the United States include mineral fuels, machinery, organic chemicals and optical, medical apparatus.
American exports in 2019 were recorded at $1.51 Trillion. The nation is a leader in the export of items such as refined petroleum, medical instruments and gas turbines. The other top export commodities are crude petroleum, integrated circuits, vehicle parts, optical & photo apparatus and aircraft.
Canada and Mexico are the top trading partners of the USA due to geographical proximity and several free trade agreements between the nations. The other leading export partners are China, Japan, United Kingdom, Germany, South Korea and Netherlands.
The American consumer market is, by a great margin, the largest in terms of size. Roughly measured, it equals the combined consumer markets of China, Japan, Germany, United Kingdom, India, France and Italy. The top export commodities of the United States are machinery, electrical equipment, vehicles, pharmaceuticals, mineral fuels and pearls and precious stones. The leading import partners are China, Mexico, Canada, Japan, Germany and Vietnam.
The United States of America still stands as a bastion of democracy, of free expression and free trade after centuries of attaining independence. Few social problems still trouble the American economy. Primary among these is the environmental concern. Though the government has made several promises and done immense lobbying in the developing world to limit climate change, domestic compliance and behavioural change are lacking.
Besides this is the geopolitical squabble with Russia that is intensifying every day and has left millions across the world perturbed and perplexed. If the Biden administration can find plausible solutions to these troubles, American trade will grow for years to come and benefit all in its wake.
Cybex Exim Solutions will help you get your operations started and thriving in the United States of America. Contact us at [email protected] or call(+911204517800) or WhatsApp(+9971093718) to access the latest USA import data.
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