India-US Bilateral Trade Relationship
India-US bilateral trade has grown substantially, with the US being India's largest trading partner for four consecutive years through FY2024-25. The trade relationship covers goods, services, defence, and technology, governed through mechanisms including the Trade Policy Forum (TPF) re-established in 2021.
- India-US bilateral trade (FY2024-25): $131.84 billion — India's exports to US: $86.51 billion; imports from US: $45.33 billion.
- India's trade surplus with the US: approximately $41.18 billion (a key irritant in bilateral relations).
- Top Indian exports to US: pharmaceuticals, IT services, textiles, gems and jewelry, petroleum products.
- Top US exports to India: crude oil, LNG, aircraft, machinery, medical devices.
- India-US Trade Policy Forum (TPF): ministerial-level mechanism with working groups on agriculture, investment, services, tariff and non-tariff barriers, and IP.
● Tracked since February 10, 2026 · last seen May 15, 2026 · updates as the daily brief publishes
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