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International Trade
Question
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Describe the composition of export and import trade of India.

 

Answer

Composition of Exports :
Before the independence, agricultural products and minerals were the two chief items of export. Today this composition of export has seen a total reversal. Today the chief items of exports are:

(i) Manufactured goods : In 2002-03, the share of manufactured items of exports was 76.6%. Among the manufactured goods gems and jewellery and readymade clothes is prominent. Other major items were cotton thread and clothes, machinery, medicines, chemicals and equipment, and mineral products, leather products, transport equipments, electrical goods, iron and steel, paints and coal tar.

(ii) Agricultural goods : In 2002-03, the agricultural products represented 2.7% of total exports. In addition other products belonging to this category are tea, coffee, foodgrains, tobacco, spices, beverages and fruits.

(iii) Crude oil and petroleum products : The crude oil exports in 2002-03 constituted 4.9% of total export.

(iv) Ores and Minerals : The share of minerals in total exports stands at 3.8%. Among the chief items of export are iron ores and mica. In 2002-03 exports of iron ores was worth Rs. 420 crores.

Composition of Imports :

1. Fuels like petroleum and petrochemicals are the dominating import items of India. In 2002-03 fuels accounted for 31% of all imports.

2. Raw material and minerals : These include gems, gold, silver and chemicals. In 2002-03, pearls, precious stones had the share of 9.9%, gold and silver 7% and chemicals 6.9%.

3. Capital goods such as machinery has the share of 5.8% in total imports.

4. Other imports are food and allied products, fertilizers and paper etc.

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