8.International Trade
India's international trade has significantly evolved, with a notable increase in trade volume and changes in composition over the years. The balance of trade is characterized by higher imports than exports, despite the challenges faced in traditional sectors. Various factors, including government policies and global competition, drive these changes.
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What we have learnt
- India's contribution to global trade is about 1%, yet it plays a crucial role in the world economy.
- The composition of exports has shifted, with manufactured goods forming a significant portion, while traditional agricultural exports have seen a decline.
- India's import basket is dominated by fuels, capital goods, and edible oils, showcasing the country's ongoing industrialization and demand challenges.
Key Concepts
- -- International Trade
- Exchange of goods and services across international borders between countries.
- -- Balance of Trade
- The difference between the value of a country's exports and imports.
- -- Hinterland
- The area surrounding a port that is economically linked to the port.
- -- Trade Composition
- The breakdown of various categories of goods and services that a country exports or imports.
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