Bilateral trade between India and the United States increased by more than 30 per cent in the first 11 months of 2010, and could touch the magical figure of $50 billion when the statistics for December are available, officials sources said.
The growing number also reflects the growing trade relationship between the two countries, they pointed out.
According to the latest figures released by the US department of commerce, between January and November 2010, the total bilateral trade between India and the US was $445,011 million, showing an year-on-year increase of 30.79 per cent. Bilateral trade between the two countries stood at $434,416 million during the same period in 2009.
India-US bilateral trade in 2009 was $37,607 million, which was a significant drop from $43,386 million in 2008, mainly because of the downturn in the global economy. In 2007, the total bilateral trade was $39,042 million.
The figures also reflected a greater increase in India's exports to the US than American exports to India, even though both increased.
Between January and November 2010, India's exports to the US stood at $27,398 million as against $19,381 during the same period in 2009, showing an increase of 41.36 per cent.