give an account of india's international trade with the other countries of the world
Answers
Answer:
Exports and Imports
Now, India exports around 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries. Exports and Imports are not only restricted to commodities (merchandise). Service is also a major export/import item.
Explanation:
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Explanation:
Now, India exports around 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries. Exports and Imports are not only restricted to commodities (merchandise). Service is also a major export/import item
To make it simple, let’s summarise foreign trade of India as below:
Export of goods (merchandise/commodities)
Export of services
Import of goods (merchandise/commodities)
Import of services
Balance of Trade (BoT)
Balance of Trade (BoT) is also known as Trade Balance.
Balance of Trade (Merchandise) = Export of goods – Import of goods
Balance of Trade (Services) = Export of services – Import of services
Note: In general, if someone mentions Balance of Trade, he/she is intending only the Balance of Trade (Merchandise)
Top Export Items: Petroleum products, precious stones, drug formulations & biologicals, gold and other precious metals are the top exported commodities.
India’s merchandise exports are less than its merchandise imports.
Still, India’s merchandise trade balance has improved from 2009-14 to 2014-19 although most of the improvement in the latter period was on account of more than fifty per cent decline in crude prices in 2016-17.
Top Import Items: Crude petroleum, gold, petroleum products, coal, coke & briquettes constitute top import items.
India’s service exports are more than its service imports. This means that India has a net service surplus.
However, India’s net services surplus has been steadily declining in relation to GDP.
Now, India’s service surplus finance about 50 per cent of the merchandise deficit (the trade balance).
India’s top five trading partners continue to be USA, China, UAE, Saudi Arabia and Hong Kong.
Top 10 Export Commodities
Petroleum Products
Pearl, Precious, Semiprecious Stones
Drug Formulations, Biologicals
Gold and Other Precious Metal Jewellery
Iron and Steel
Electric Machinery and equipment
Organic Chemicals
RMG Cotton including Accessories
Motor Vehicles/ Cars
Marine Products
Top 10 Countries to which India exports the most
U S A
UAE
China PRP
Hong Kong
Singapore
United Kingdom
Netherland
Germany
Bangladesh PR
Nepal