In 2009 Natural pearls, precious stones turned out to be the mostly traded goods between India and the USA. India was the dominating partner in the bilateral trade of pearls and precious stones with a share of 66% of the total trade volume. Though India’s share has been falling over the last one decade and USA’s has grown from virtually nothing to 34% as the trade in these products have seen huge import spurt on India’s part. With growing affluent middle class India’s import of these products is expected to grow.
US import from India had been steadily growing from 2002 to 2007, after that it showed declining trend for the two consecutive years of 2008 and 2009, but India’s import from the USA has been growing at a CAGR of 31.71%over the last one decade, but even this growth was came to a abrupt halt in 2009, when US export to India declined by 8.1%.This overall decline in trade volume can be attributed to global economic downturn with increasing discretionary spending.
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