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Major commodities exported from India to the US include [284] [285] Gems, precious metals and coins, Pharmaceuticals, Oil, Machinery, Textiles (including knit & crochet), Organic chemicals, Vehicles, and Iron or steel products American exports to India amounted to $20.5 billion or 5.2% of India's overall imports in 2015.
India's cotton industry struggled in the late 19th century because of unmechanized production and American dominance of raw cotton export. India, ceasing to be a major exporter of cotton goods, became the largest importer of British cotton textiles. [61] Mohandas Gandhi believed that cotton was closely tied to Indian self-determination. In the ...
According to the Ministry of Textiles, the share of textiles in total exports during April–July 2010 was 11.04%. During 2009–2010, the Indian textile industry was pegged at US$ 55 billion, 64% of which services domestic demand. [25] In 2010, there were 2,500 textile weaving factories and 4,135 textile finishing factories in all of India. [26]
Cotton fields in the United States. The United States exports more cotton than any other country, though it ranks third in total production, behind China and India. [1] Almost all of the cotton fiber growth and production occurs in the Southern United States and the Western United States, dominated by Texas, California, Arizona, Mississippi, Arkansas, and Louisiana.
The export of secondhand clothes to developing countries is often controversial. Detractors argue that it drives down local prices to such an extent that domestic textile industries in these countries become unable to compete. For example, many sub-Saharan African countries have seen their textile industries decline significantly since the 1990s.
The stagflation of the 1970s saw a U.S. economy characterized by slower GDP growth. In 1988, the United States ranked first in the world in the Economist Intelligence Unit "quality of life index" and third in the Economic Freedom of the World Index. [13] Over the long run, nations with trade surpluses tend also to have a savings surplus.
There was textile trade in India during the early centuries. Cotton fragments from Gujarat have been found in tombs of Egypt, indicating the existence of export of Indian textiles to Egypt during the medieval era. [10] Large quantities of north Indian silks were traded through the Silk Road in China to the western countries(130 B.C.E. - 1453 C ...
Since the (re)emergence of developing countries as a source of cotton textiles, production from these countries steadily increased after colonial independence.A number of treaties concerning Short-Term Arrangements regarding International Trade in Cotton Textiles (Geneva, 21 July 1961); Long-Term Arrangement regarding International Trade in Cotton Textiles (Geneva, 9 February 1962 and 15 June ...