President Obama Notes U.S. Exports to India
During his November visit as part of the National Export Initiative President Obama noted that India—with its tremendous economic growth and its large and growing middle class—is a key market for U.S. exports. Those exports are generating jobs in every corner of the United States and across every major sector. These involve some of our country’s largest companies but also an increasing number of small and medium-sized enterprises stated a White House press release.
On the margins of the President’s trip trade transactions were announced or showcased exceeding $14.9 billion in total value with $9.5 billion in U.S. export content supporting an estimated 53670 U.S. jobs. These cross-border collaborations both public and private underpin the expanding U.S.-India strategic partnership contributing to economic growth and development in both countries.
The White House news release in listing “notable examples” among the exports states:
“Dredges for Maharashtra Maritime Board: Ellicott Dredges a small company based in Baltimore Maryland announced the sale of two cutter suction dredges to the Maharashtra Maritime Board a Maharashtra government entity. The equipment will be utilized to dredge a fisherman’s port and various tributaries in the state of Maharashtra.”
Other sales included on the list are: $4.1 billion in heavy transport aircraft and $2.4 billion in commercial aircraft by the Boeing Company supporting 22100 and 12970 jobs respectively $822 million for engines for the light combat aircraft and $750 million for gas and steam turbines by General Electric supporting 4440 jobs for the engines and 2650 jobs for 240 suppliers across the country for the turbines. Upon finalizing the engine contract General Electric’s facility in Lynn Massachusetts and other sites across the United States will be positioned to export almost one billion dollars in high technology aerospace products.
Other contracts listed include support of U.S. products for power generation; diesel locomotives; a Harley-Davidson motorcycle assembly plant in India; U.S. mining and support equipment; tunneling equipment for an underground water channel; security software for Mumbai and Maharashtra; a medical and research complex in Gurgaon Haryana; an antenna system for rural telecommunications; production equipment for pre-fabricated housing; cell phone rollout for small Indian businesses; a unique identification project for Indian citizens; precision measurement instruments for fuel cell research; trace explosive detection equipment; VIP helicopters; and pre-owned refurbished health care equipment.
The pace of trade between the United States and India is accelerating. Between 2002 and 2009 U.S. exports to India quadrupled growing from $4.1 billion to more than $16.4 billion. Through the first eight months of 2010 U.S. merchandise exports to India totaled $12.7 billion up 18 percent from the same period in 2009. With economic growth estimates at about 9.7 percent in 2010 India is a key market for the Obama Administration’s National Export Initiative which aims to double U.S. exports in five years the press release concluded.
