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Distinguish between Trends in imports and Trends in exports of foreign trade - Economics

Distinguish Between

Distinguish between Trends in imports and Trends in exports of foreign trade

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Solution

  Trends in imports Trends in exports
1) Import trade refers to the purchase of goods by one country from another or the inflow of goods to the home country from a foreign country. Export trade refers to the sale of goods by one country to another or outflow of goods from a home country to a foreign country.
2) Import results in foreign exchange outflow. Exports result in foreign exchange inflow.
3) Petroleum has the highest share in India’s imports. (31% at present). Engineering goods have the highest share in India’s exports. (25% in 2017-18).
4) The second most imported item is gold. (27.5 billion US $ in 2013-14). The second most exported item is petroleum products. (20.1% in 2013-14)
5) Import of petroleum is still rising while that of gold, fertilizers, iron, and steel has declined over time. Exports of engineering goods, petroleum products, chemicals and chemical products, gems and jewellery, and textiles and readymade garments have increased over time.
Concept: Trends in India’s Foreign Trade since 2001
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 10 Foreign Trade of India
Exercise | Q 3. (2) | Page 98
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