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STATISTICAL ANALYSIS OF INDIAS TRADE WITH USA DURING PRE AND POST COVID-19

The Bilateral trade between the USA and India stood at US Dollar 119.42 billion 2021-2022 as against US Dollar 80.51 billion in 2020-21.Exports to the USA increased to US Dollar 76.11 billion in 2021-22 from US Dollar 51.62 billion in the previous fiscal year, while imports rose to US Dollar 43.31 billion as compared to about US Dollar 29 billion in 2020-21.America is one of the few countries with which India has a trade surplus consistently. The general trend has been upwards, though interspersed with slight dips because of the 9/11 terror attacks and the global financial crisis of 2008. In 2021-22, India had a trade surplus of US Dollar 32.8 billion with the USA. India-USA bilateral partnership today encompasses a whole host of issues including the response to Covid-19, economic recovery post-pandemic, the climate crisis and sustainable development, critical and emerging technologies, supply chain resilience, education, the diaspora, and defense and security. The breadth and depth of Indo-US ties remain unmatched and the drivers of this partnership have been growing at an unprecedented rate. The beginning of year 2020 was marked by some of the largest reductions in trade and output volumes since World War II. The declines in both world industrial production and goods trade in the first half of 2020 were of similar depth to those at the trough of the Global Financial Crisis (GFC). Nevertheless, they materialized and disappeared more quickly, facilitating a V-shaped recovery in 2020. Trade continued to grow strongly in 2021 and has compensated some, but not all, of the accumulated losses from the steep declines seen earlier. However, for designing such strategies there is a need to assess the extent to which the global pandemic may impact on total merchandise exports and imports. Hence an earnest attempt has been made to examine the IndiaÂ’s trade with USA during pre and post Covid-19 turmoil. The present study is based on secondary data. The statistical tool used in this study is Paired t-test.