Report Industry Investment Rating - Unilateral: Neutral. Focus on cost changes under low inventory from August to September as the balance sheet shows a loose balance with minor supply - demand contradictions [3] Core View - The EG main contract closed at 4427 yuan/ton, down 39 yuan/ton (-0.87%) from the previous trading day. The EG spot price in the East China market was 4507 yuan/ton, down 27 yuan/ton (-0.60%). The spot basis in East China was 77 yuan/ton, up 13 yuan/ton. Due to a significant decline in coking coal at the cost end and concentrated warrant registration, the EG price showed a weak trend [1] - The production profit of ethylene - made EG was -47 dollars/ton, up 3 dollars/ton, and that of coal - made syngas EG was -16 yuan/ton, up 18 yuan/ton [1] - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 41.3 tons, down 8.5 tons. The actual arrivals at the main ports last week were 5 tons, and the planned arrivals this week are 9.8 tons [1] - On the supply side, domestic ethylene glycol load has returned to a high level and is expected to remain stable in the short term, with the syngas load possibly dropping in September. Overseas supply has suffered many losses, and the import volume from September to October may be revised down. On the demand side, there are signs of recovery, and the polyester load is expected to increase slightly. The balance sheet from August to September shows a loose balance with minor supply - demand contradictions [2] Summary by Directory Price and Basis - The EG main contract closed at 4427 yuan/ton, down 39 yuan/ton (-0.87%) from the previous trading day. The EG spot price in the East China market was 4507 yuan/ton, down 27 yuan/ton (-0.60%). The spot basis in East China was 77 yuan/ton, up 13 yuan/ton [1] Production Profit and Operating Rate - The production profit of ethylene - made EG was -47 dollars/ton, up 3 dollars/ton, and that of coal - made syngas EG was -16 yuan/ton, up 18 yuan/ton [1] International Price Difference - No specific data provided in the given text Downstream Production, Sales, and Operating Rate - The demand shows signs of recovery, and the polyester load is expected to increase slightly. Attention should be paid to the time of concentrated order placement [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 41.3 tons, down 8.5 tons. The actual arrivals at the main ports last week were 5 tons, and the planned arrivals this week are 9.8 tons [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - At the beginning of the week, the inventories of pure benzene and styrene both increased. Styrene faced continuous high - inventory pressure, and pure benzene ended its previous slight destocking cycle. The arrival of pure benzene was concentrated, while the downstream开工率 of pure benzene decreased to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain was still high, and there was also inventory pressure in the MDI of the aniline downstream. In the phenol industry chain, both bisphenol A and PC reduced their loads. For styrene, with high actual开工率 and large port arrival pressure, the implementation progress of EB maintenance plans in early September should be monitored. The port inventory is expected to peak, but if the styrene maintenance in September is implemented, it will also drag down the demand for pure benzene, so the single - side price will still fluctuate weakly. In the EB downstream, the开工率 of EPS and ABS decreased again, while the开工率 of PS continued to rise. The finished - product inventories of the three major hard plastics all increased to varying degrees, and the styrene production profit weakened again [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - The content includes figures such as the pure benzene main basis and the pure benzene main futures contract price, the pure benzene main contract basis, the pure benzene spot - M2 paper - cargo spread, the pure benzene continuous - one contract - continuous - three contract spread, the EB main contract trend & basis, the EB main contract basis, and the styrene continuous - one contract - continuous - three contract spread [9][12][18][21] 2. Pure Benzene and Styrene Production Profits, Internal and External Spreads - It involves figures like the naphtha processing fee, the difference between pure benzene FOB Korea and naphtha CFR Japan, the styrene non - integrated device production profit, the difference between pure benzene FOB US Gulf and pure benzene FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, the pure benzene import profit, the styrene import profit, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [23][26][32][36][37] 3. Pure Benzene and Styrene Inventories, Operating Rates - The figures include the pure benzene East China port inventory, the pure benzene operating rate, the styrene East China port inventory, the styrene operating rate, the styrene East China commercial inventory, and the styrene factory inventory [41][43][46] 4. Styrene Downstream Operating Rates and Production Profits - It contains figures such as the EPS operating rate, the EPS production profit, the PS operating rate, the PS production profit, the ABS operating rate, and the ABS production profit [52][54][57] 5. Pure Benzene Downstream Operating Rates and Production Profits - The relevant figures are the caprolactam operating rate, the phenol - ketone operating rate, the aniline operating rate, the adipic acid operating rate, the caprolactam production gross profit, the phenol - ketone production gross profit, the aniline production gross profit, the adipic acid production gross profit, the PA6 regular - spinning bright production gross profit, the nylon filament production gross profit, the bisphenol A production gross profit, the PC production gross profit, the epoxy resin E - 51 production gross profit, the pure MDI production gross profit, and the polymer MDI production gross profit [62][66][73][75][86][87]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view expressed in the given content 3. Summary by Related Catalog Commodity Prices - The current price of crude oil is $596.25 per ton, with a previous value of $597.38, a decrease of 0.19% [1] - The price of the Northeast Asia ethylene price index is $841.00 per ton, with a previous value of $843.00, a decrease of 0.24% [1] - The ex - factory price of ethylene oxide in the East China region is $6300.00 per ton, unchanged from the previous value [1] - The price of methanol is $2222.50 per ton, unchanged from the previous value [1] - The含税 price of lignite in Inner Mongolia is $290.00 per ton, unchanged from the previous value [1] - The closing price of the main contract is $4420.00 per ton, with a previous value of $4466.00, a decrease of 0.87% [1] - The settlement price of the main contract is $4438.00 per ton, with a previous value of $4470.00, a decrease of 0.2% [1] - The closing price of the near - month contract is $4392.00 per ton, with a previous value of $4429.00, a decrease of 0.84% [1] - The settlement price of the near - month contract is $4414.00 per ton, with a previous value of $4429.00, a decrease of 0.34% [1] - The market price of ethylene glycol in the East China region is $4540.00 per ton, unchanged from the previous value [1] - The price difference between the near - month and far - month contracts is $24.00 per ton, with a previous value of $41.00, a decrease of $17.00 [1] - The comprehensive price of ethylene glycol is $62.03, unchanged from the previous value [1] - The price of oil - based ethylene glycol is $62.56, unchanged from the previous value [1] - The price of coal - based ethylene glycol is $61.26, unchanged from the previous value [1] - The external market price of oil - based ethylene glycol is $988.88 per ton, with a previous value of $993.21, a decrease of $4.33 [1] - The external market price of ethylene vinyl is $114.6 per ton, with a previous value of $119.55, a decrease of $4.95 [1] - The post - tax gross profit of the coal - based synthesis gas method is $1253.69 per ton, with a previous value of $1255.66, a decrease of $1.97 [1] - The price index of polyester is $8750.00 per ton, unchanged from the previous value [1] - The price index of polyester chips is $7125.00 per ton, unchanged from the previous value [1] - The price index of polyester staple fiber is $640.00 per ton, unchanged from the previous value [1] - The price index of bottle - grade chips is $5890.00 per ton, with a previous value of $5860.00, an increase of 0.1% [1] Industrial Load Rates - The load rate of the polyester industry (PTA factory) is 89.98%, with a previous value of 81.57%, an increase of 8.41% [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA chain is 62.03%, unchanged from the previous value [1]

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - For PTA, last week the PTA market followed the cost - end trend, rising and then falling. The effect of PTA device maintenance was less than expected, the liquidity in the spot market was okay, the spot basis weakened, and the processing margin, although slightly improved from the low point, remained at a relatively low level. Attention should be paid to the maintenance of Hengli Huizhou's device and subsequent changes in upstream and downstream devices [5]. - For MEG, last week the arrival volume of ethylene glycol was scarce. It is expected that the visible inventory will drop below 450,000 tons early next week, and the arrival volume in early September will remain moderately low. In terms of demand, the polyester load this week rebounded to around 90.3%, and it is expected that the average load in September will reach 91.5%, with improved rigid - demand support. Recently, the commodity market has corrected, and the MEG market has been under pressure. It is expected that the price of ethylene glycol will fluctuate within a range in the short term, with strong support at the bottom. Attention should be paid to device changes and polyester load [6]. Summary According to the Table of Contents 1. Previous Day's Review - There is no information provided regarding the previous day's review in the given content. 2. Daily Tips PTA - **Fundamentals**: On Friday, a small number of polyester factories made bids. Transactions for next - week's goods were around a discount of 32 - 37 to the 01 contract, and for mid - and late - September goods, at a discount of 30 - 38 to the 01 contract, with individual prices slightly lower. The price negotiation range was around 4,720 - 4,760. The mainstream spot basis today was 01 - 35, showing a neutral situation [5]. - **Basis**: The spot price was 4,740, and the basis of the 01 contract was - 44, indicating that the futures price was higher than the spot price, a neutral situation [5]. - **Inventory**: The PTA factory inventory was 3.81 days, a week - on - week increase of 0.1 days, which is a bearish factor [5]. - **Market Chart**: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average, a bullish sign [5]. - **Main Force Position**: The net position was short, and the short position decreased, a bearish factor [5]. MEG - **Fundamentals**: On Friday, the price of ethylene glycol fluctuated within a narrow range, and the trading volume in the market was average. The price of ethylene glycol had limited fluctuations during the day, and the buying interest from traders was average. Spot transactions were around a premium of 60 - 68 yuan/ton to the 01 contract, and today's spot transaction prices were relatively low. In the US - dollar market, the price of ethylene glycol fluctuated within a narrow range, and recent cargo negotiations were around 534 - 536 US dollars/ton. The market negotiation was weak, and buyers were cautious [6]. - **Basis**: The spot price was 4,534, and the basis of the 01 contract was 68, indicating that the spot price was higher than the futures price, a neutral situation [7]. - **Inventory**: The total inventory in East China was 406,300 tons, a week - on - week decrease of 94,200 tons, a bullish factor [7]. - **Market Chart**: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average, a bullish sign [7]. - **Main Force Position**: The main force's net position was short, and the short position decreased, a bearish factor [7]. 3. Today's Focus - **Positive Factors**: In August, some PTA devices were planned for maintenance, which improved the supply - demand outlook. As the traditional "Golden September and Silver October" peak season approaches, the market has shown some expectations for the start of demand. Yisheng Hainan's 2 - million - ton device stopped for maintenance, and Hengli Huizhou's 2.5 - million - ton device had an unplanned shutdown [10]. - **Negative Factors**: The profit margins of each link in the industrial chain continued to be under pressure, and the overall operating atmosphere remained cautious. In the short term, the commodity market was greatly affected by the macro - environment. Attention should be paid to the cost - end, and for the market rebound, attention should be paid to the upper resistance level [9]. 4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, production, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes of PTA over time [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the production, import, total supply, polyester production, consumption, and port inventory data of ethylene glycol from January 2024 to December 2025, showing the supply - demand situation and inventory changes of ethylene glycol [12]. - **Price Data**: It includes the spot prices of naphtha, paraxylene, PTA, MEG, and various polyester products, as well as futures prices and basis data. It also shows the processing margins and profits of PTA and MEG [13].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For copper, the overnight copper price strengthened, with the market focusing on the Fed's interest - rate cut and independence issues. The upward potential of the current price is approaching the resistance level, and caution is needed for a possible correction [9]. - For lithium carbonate, after a significant correction in the market, it has stimulated downstream purchasing sentiment. With supply - side disturbances ongoing and approaching the peak season, the downside is limited, but the market is volatile and requires cautious operation [11]. - For crude oil, although the price rebounded due to certain factors, the supply - demand situation is weakening as the consumption peak season ends and OPEC + accelerates production increases. It is recommended to short on rallies [14]. - For asphalt, under the condition of weak supply and demand, the asphalt futures are expected to fluctuate recently with limited cost - side support [15]. - For PP, with the end of the consumption peak season and OPEC + accelerating production increases, and considering supply and demand factors, the PP market is expected to fluctuate recently [17]. - For plastic, with the end of the consumption peak season, oil price pressure, and considering supply and demand, the plastic market is expected to fluctuate recently [18]. - For PVC, due to factors such as reduced export expectations, high inventory, and weak demand, the PVC market is expected to fluctuate downward [20]. - For coking coal, although the market has rumors of a ninth round of price increases, the downstream demand is weakening, but the downward space is limited [21]. - For urea, after a short - term weak adjustment, there may be a rebound opportunity in September with the support of autumn fertilizers and approaching the off - season storage and Indian tender [23]. Summary by Variety Copper - The EU is promoting the EU - US agreement, and the Fed's Waller supports a 25 - basis - point interest rate cut in September. The supply side may face production cuts in the later third quarter, and the demand side has weak market transactions. The upward potential of the price is approaching the resistance level [9]. Lithium Carbonate - The average price of battery - grade and industrial - grade lithium carbonate decreased. In July, imports decreased significantly, and domestic production in August - September is expected to decline. The demand side has support, but the market is volatile [11]. Crude Oil - The US oil and gasoline inventories are decreasing, and OPEC + will increase production in September. The market is concerned about the US economy, and the supply - demand situation is expected to weaken [12][14]. Asphalt - The asphalt production rate is declining, and the planned production in September will increase. The downstream demand is affected by various factors, and the cost - side support is limited, resulting in a volatile market [15]. PP - The downstream and enterprise production rates have changed, and the inventory is at a neutral level. With the end of the consumption peak season, the market is expected to fluctuate [16][17]. Plastic - The production rate is stable, and the downstream production rate has increased slightly. The cost - side pressure is high, and the market is expected to fluctuate [18]. PVC - The production rate is decreasing, the export expectations are weakening, the inventory is high, and the demand is weak. The market is expected to fluctuate downward [19][20]. Coking Coal - The spot price has changed, the import volume has increased, and the downstream demand is weakening. Although there are rumors of price increases, the downward space is limited [21]. Urea - The spot price has increased slightly, the supply has decreased due to maintenance, the demand has been affected by environmental protection, and there may be a rebound opportunity in September [23].

Report Summary 1. Investment Rating - Unilateral: Neutral [3] 2. Core Views - Yesterday, the closing price of the main EG contract was 4,465 yuan/ton, down 16 yuan/ton or 0.36% from the previous trading day. The spot price of EG in the East China market was 4,525 yuan/ton, down 25 yuan/ton or 0.55%. The spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton, up 5 yuan/ton month-on-month [1]. - On Thursday, the price of ethylene glycol was weakly consolidated, and the market negotiation was average. The weak commodity atmosphere and the planned production cut by large polyester bottle chip manufacturers suppressed market sentiment [1]. - The production profit of ethylene-based EG was -$48/ton, down $2/ton month-on-month, and the production profit of coal-based syngas EG was -18 yuan/ton, up 1 yuan/ton month-on-month [1]. - According to CCF data, the inventory of MEG at the main ports in East China was 500,000 tons, down 47,000 tons month-on-month; according to Longzhong data, it was 413,000 tons, down 85,000 tons month-on-month. As of August 28, the total inventory of MEG at the main ports in East China was 413,200 tons, down 26,300 tons from Monday and 84,600 tons from last Thursday [1]. - On the supply side, domestic ethylene glycol production has returned to a high level and is expected to remain stable in the short term. Overseas, the Malaysian plant has restarted, and imports are expected to increase after August. On the demand side, there are signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales stocking. Polyester production is expected to remain stable with a slight increase, reaching a peak in late September. The balance sheet from August to September shows a loose balance with little supply-demand contradiction [2]. 3. Summary by Directory Price and Basis - Yesterday, the closing price of the main EG contract was 4,465 yuan/ton, down 16 yuan/ton or 0.36% from the previous trading day. The spot price of EG in the East China market was 4,525 yuan/ton, down 25 yuan/ton or 0.55%. The spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton, up 5 yuan/ton month-on-month [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$48/ton, down $2/ton month-on-month, and the production profit of coal-based syngas EG was -18 yuan/ton, up 1 yuan/ton month-on-month [1] International Price Difference - No specific data provided Downstream Production, Sales, and Operating Rate - Current demand shows signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales stocking. Polyester production is expected to remain stable with a slight increase, reaching a peak in late September [2] Inventory Data - According to CCF data, the inventory of MEG at the main ports in East China was 500,000 tons, down 47,000 tons month-on-month; according to Longzhong data, it was 413,000 tons, down 85,000 tons month-on-month. As of August 28, the total inventory of MEG at the main ports in East China was 413,200 tons, down 26,300 tons from Monday and 84,600 tons from last Thursday [1]

乙二醇成本支撑不佳，盘面上方压力偏强 一、日度市场总结 主力合约与基差：乙二醇主力合约价格从4490元/吨小幅回落至 4481元/吨，跌幅0.2%，盘中波动区间收窄至4473-4509元/吨。华 东现货价格同步微跌5元/吨至4540元/吨，基差则进一步走强9元/ 吨至69元/吨，反映现货市场相对期货支撑增强。跨期价差方面， 1-5价差从-41元/吨回升至-35元/吨，而5-9价差从91元/吨回落至 81元/吨，远月合约压力略有缓解但整体结构维持贴水。 持仓与成交：主力合约持仓量减少9049手至277223手，连续两日下降，但 成交量大涨10.74%至16.8万手，表明资金短线交易活跃度提升，部分空头 或选择获利离场。 供给端：乙二醇油制、煤制及总体开工率均维持在66.22%，环比无变化。 供给端近期缺乏弹性，国内装置负荷暂未出现主动调降动作，企业或通过 原料库存调节维持生产。 需求端：聚酯工厂负荷持稳于89.42%，江浙织机负荷63.43%，需求端边际 驱动不足。终端织造订单偏弱导致聚酯产销未出现季节性反弹，长丝库存 压力犹存，压制乙二醇刚性采购需求。 库存端：华东主港库存攀升至48.57万吨（周环比+13. ...

Group 1 - The article discusses the importance of narratives in shaping market expectations and collective consciousness, suggesting that contemporary wisdom evolves from questioning to creating narratives [1] - It highlights the need for a bottom-up approach to observe commodity situations, noting that the black series (like rebar and coking coal) is constrained by weak real estate investment and high inventory levels [2] - The article points out a shift in market sentiment due to the Federal Reserve's indications of further interest rate easing, which has improved risk appetite and optimism regarding global economic recovery [3] Group 2 - It identifies potential risks, including rising unemployment and inflation overseas, but suggests that the probability of China entering deflation is low, indicating a solid safety margin for commodity bulls [4] - The article emphasizes the importance of supply-demand dynamics, particularly in lithium carbonate, coking coal, and polysilicon, as these sectors may see tightening supply and recovering demand [4] - It notes a change in coal production attitudes, with a reported decrease in coal output and imports, indicating a strong underlying market [6] Group 3 - The article suggests a shift away from traditional commodity tracking methods, indicating that the Chinese economy's reliance on real estate is decreasing, which may open new consumption windows, particularly in energy-related sectors [9] - It highlights the significance of electricity consumption as a key indicator of manufacturing strength, with July's electricity usage surpassing 1 trillion kilowatt-hours, reflecting an 8.6% year-on-year increase [9] - The oil market is projected to face significant oversupply in the coming quarters, with expectations of a surplus of 1.5 million barrels per day in Q4 and over 2 million barrels per day in the first half of 2026 [11] Group 4 - The article discusses the potential for global liquidity improvement driven by anticipated interest rate cuts by the Federal Reserve, which could benefit commodities like copper and gold [12] - It notes that traditional and new energy metals are supported on the supply side, which may help stabilize commodity prices [12] - The article concludes that commodity volatility may signal changes in market dynamics, emphasizing the need for careful monitoring of these indicators [13]

Report Summary 1. Investment Rating - Unilateral: Cautiously bullish [3] 2. Core Views - On Wednesday, the ethylene glycol (EG) price fluctuated and adjusted, with general market discussions. The morning session saw a brief upward movement in the futures due to unexpected news from a Singaporean plant. The afternoon session witnessed a decline in the EG futures as the commodity market weakened, but the basis remained strong [1]. - The production profit of ethylene - based EG was -$46/ton (up $1/ton from the previous period), and that of coal - based syngas EG was -¥19/ton (up ¥2/ton from the previous period) [1]. - According to CCF's data on Mondays and Longzhong's data on Thursdays, MEG inventory at the East China main ports decreased. Last week, the actual arrivals at the ports were low, leading to inventory reduction. This week, the planned arrivals at the main ports are still low, and inventory reduction may continue [2]. - In terms of the overall fundamental supply - demand logic, the domestic EG supply has returned to a high level and is expected to remain stable in the short term. Overseas supply is expected to increase after August. Demand is showing signs of recovery, and the polyester load is expected to remain stable with a slight increase, reaching a peak in mid - September [2]. - The supply - demand balance from August to September is loose, with no significant supply - demand contradictions [2]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was ¥4,481/ton (down ¥9/ton, or -0.20% from the previous trading day), the spot price of EG in the East China market was ¥4,550/ton (down ¥2/ton, or -0.04% from the previous trading day), and the spot basis of EG in East China (based on the 2509 contract) was ¥61/ton (up ¥10/ton) [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$46/ton (up $1/ton from the previous period), and that of coal - based syngas EG was -¥19/ton (up ¥2/ton from the previous period) [1]. International Price Difference - No specific data provided in the report, only a chart of the international price difference between US FOB and Chinese CFR was mentioned [19]. Downstream Sales, Production, and Operating Rate - The demand is showing signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales inventory preparation. The polyester load is expected to remain stable with a slight increase, reaching a peak in mid - September [2]. Inventory Data - According to CCF, MEG inventory at the East China main ports was 500,000 tons (down 47,000 tons from the previous period); according to Longzhong, it was 498,000 tons (down 37,000 tons from the previous period). Last week, the actual arrivals at the ports were 61,000 tons, and this week, the planned arrivals at the main ports are 54,000 tons, still low [2].

Core Viewpoint - The United States has raised tariffs on Indian goods to 50% due to India's continued purchase of Russian oil, significantly impacting India's exports and employment [1][2]. Group 1: Impact on Trade and Economy - The new tariffs, effective from August 27, make India one of the countries facing the highest tariffs from the U.S., threatening its export and employment [1]. - Economists predict that the tariffs could lead to a decline in India's GDP growth rate by 0.8% to 1% if they persist [7]. - The tariffs are expected to affect over half of India's exports to the U.S., including sectors like apparel, jewelry, footwear, furniture, and chemicals [3]. Group 2: Government Response and Support - The Indian government plans to provide financial support to affected exporters and encourages them to explore markets in China, Latin America, and the Middle East [3][9]. - Despite the government's strong stance to protect farmers and small businesses, there is a lack of hope for immediate tariff reductions from the U.S. [2][9]. Group 3: Competitive Landscape - The high tariffs threaten India's competitiveness in exports, making it difficult to compete with countries like China and Vietnam [5]. - There are concerns that the tariffs could lead to significant job losses in India's export sector and weaken its position in global value chains [5][6]. Group 4: Broader Economic Context - India's exports to the U.S. account for approximately 2% of its GDP, and strong domestic demand may help mitigate the impact of the tariffs [8]. - The bilateral trade volume between India and the U.S. is projected to be around $129 billion in 2024, with a trade deficit of $45.7 billion for India [3].