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 Along with the exchange of goods and services exchange of knowledge has superseded our nation.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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