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For the primary time, India was the No. 1 purchaser of U.S. oil in 2021, one of many United States’ fastest-growing exports.
Additionally for the primary time, India’s commerce topped $100 billion because it re-entered the listing of the US’ prime 10 commerce companions, ending at No. 9 for the fifth time within the final six years.
As a result of India is the world’s largest democracy and since it has been one of many United States’ fastest-growing commerce companions over the past twenty years, some have been important of India’s unwillingness to face firmly with the West in condemnation of the Russian invasion of Ukraine.
That is the ninth in a sequence of columns targeted on every of the US’ prime 10 commerce companions. I beforehand wrote columns about Canada, Mexico, China, Japan, Germany, South Korea, the UK and Taiwan.
After this evaluation of the India-U.S. commerce relationship will come a publish about No. 10 Vietnam. These 10 international locations account for two-thirds of all U.S. commerce, with simply the highest three at higher than 43%.
I wrote an analogous sequence of columns in regards to the nation’s prime 10 ports — Chicago’s O’Hare Worldwide Airport, Port of Los Angeles, Port Laredo in Texas, New York’s JFK Worldwide, the Port of Newark, the Port of Houston, Detroit’s Ambassador Bridge, Los Angeles Worldwide Airport and the Port of Savannah.
In 2021, India bought $9.5 billion of oil from the US, a 119.35% enhance over the 2020 complete, which is best than triple the U.S. development price. Its commerce elevated 44.29% over 2020, higher than twice the general U.S. common, and 23.15% over its 2019 file, which was additionally greater than twice the nationwide development price.
General U.S. exports to India carried out so properly, relative to different commerce companions, that India entered the nation’s prime 10 exporters in 2021 for the primary time.
Whereas U.S. oil exports to India is a crucial a part of the commerce relationship — it has been India’s top-ranked export from the US for final three years — commerce actually revolves round diamonds.
Though oil changed diamonds on the export facet, diamonds are far and away the main import. The worth of these imports in 2021 was $10.8 billion — or $1.3 billion greater than the oil exports.
Actually, diamonds are the primary import from India to prime $10 billion in a 12 months. The whole was a 35.17 % enhance over 2020 and a 18.63% enhance over the 2018 file complete. the 12 months additionally marked the sixth consecutive 12 months that India was the No. 1 supply for uncut diamonds. It changed Israel in 2016.
India’s 2021 complete of $10.8 billion topped the file set by Israel in 2007 of $9.49 billion. That 12 months, U.S. imports from India totaled $3.69 billion.
With that shift in U.S. imports, from Israel to India, has come a slight shift within the entry level for the diamonds.
In Israel’s record-setting 12 months for U.S diamond imports, New York’s JFK Worldwide Airport accounted for 87.21% of the overall whereas second-ranked Los Angeles Worldwide Airport accounted for 8.87 %.
That was LAX’s final 12 months in single digits and JFK’s final 12 months above 85%. In 2021, JFK nonetheless accounted for a dominant 77.45% of the overall however for the third time in 4 years, LAX topped 20% of the overall.
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