Q. 225.0( 5 Votes )

Write a note on the changing nature of international trade in the last fifteen years.

Answer :

International trade is defined as the exchange of goods and services between two or more nations. International trade has experienced a huge change in the past 15 years. Along with the exchange of goods and services exchange of knowledge has superseded our nation. India has emerged as a software giant at the international level and it is earning huge foreign exchange through the export of information technology. The economic prosperity of a country is evaluated on the basis of the advancement of international trade of the nation. It is, therefore, considered the economic barometer for a country. Income from International trade constitutes a huge share in economic development.

Major Exports


● agricultural and allied products-2.53%


● ores and minerals-9.12%


● gems and jewellery-26.75%


● chemical and allied products-24.45%


● engineering goods-35.63%


● petroleum products-86.12%


Major Imports


● petroleum and petroleum products-41.87%


● pearls and precious stones-29.26%


● inorganic chemicals-29.39%


● coal, coke and briquettes-94.17%


● machinery- 12.56%


● Bulk imports include fertilisers-67%, cereals-25.23%, edible oils-7.94% and newsprint-5.51. India has trade relations with all the major trading blocks and all geographical regions of the world.


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