Question

The change in the pattern of import and export of different products

Answer 1

There has been paradigm shift in India’s Exports and Imports pattern from Developed countries of USA and Europe towards the developing markets. The main reason for this shift is slowdown or recession in the USA and European markets.
India’s share of imports from European countries fell to 17.32% in 2012-13. This share earlier stood at 19.32% in 2009-10, and the same is true for the share of India’s Import from the US which has decreased to 4.94% from 5.89% earlier, according to Export Import Data India. India’s exports of Goods have decreased by 1.76% in 2012-13 to around $301 billion, while its imports grew by 0.44% to $491 billion.