Explain the volume of foreign trade of India.
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Volume of India’s Foreign Trade and Trade Balance:
In Table 27.1 we have given the value of India’s exports and imports and trade balance since 2000-01.
It will be seen from the table that value of India’s exports increased from 44,560 million US dollars in 2000-01 to 178751 million US dollars in 2009-10—about 400 times increase in 10 years period.
In Table 27.1 we have given the value of India’s exports and imports and trade balance since 2000-01.
It will be seen from the table that value of India’s exports increased from 44,560 million US dollars in 2000-01 to 178751 million US dollars in 2009-10—about 400 times increase in 10 years period.
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The size and price of India's foreign trade has increasing since 1990-91. India is now producing and importing goods that are in price and quantity several times higher.
- In 1990-91, India's share of foreign trade was 17% of net national income, which rose to 25% in 2006-07. Exports and imports were 14 and 21% respectively as a percentage of GDP in 2006-07.
- In 1950-51, India's share of the world's overall import market was 1.8% and 2% of export trade. According to World Trade Statistics, India's share of world trade rose from 1.4% in 2004 to 1.5% in 2006 and was estimated to be 2% in 2009.
- Most of India's trade is by sea, 68% of India's trade is oceanic commerce: our export market accounted for 21.8% of these neighboring countries and 19.1% of import trade.
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