Question

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

Answer 1

• International trade is nothing but the trade carried out between two nations.
• International trade is carried out through land, air or sea.
• Economic barometer of a country is its international trade.
• An index to the economic prosperity of a nation is its international trade.
• In the last fifteen years, International trade has undergone a sea of change.
• The exchange of information and knowledge has superseded the exchange of commodities and goods.
• Through the export of information technology, India is earning large foreign exchange.
• In 2010-11, the commodities imported to India include machinery (6.4 per cent),coal, coke and briquettes (2.7 per cent), chemicals (5.2 per cent), pearls and precious stones (9.4 per cent), petroleum and petroleum products (28.6 per cent).
• At the International level, India has emerged as a software giant.
• India has trade relations with all geographical regions of the world and the major trading blocs.
• In 2010-11, among the commodities in exports of India, the share of petroleum products (including coal) 16.8 per cent, gems and jewellery 14.7 per cent, ores and minerals 4.0%, agriculture and allied products has been 9.9 per cent.
• Over the last three decades, tourism in India has grown substantially.
• During the year 2010 as against the year 2009, foreign tourist’s arrivals in the country witnessed an increase of 11.8 per cent.
• In 2010, Tourism contributed Rs 64,889 crore of foreign exchange.
• In the tourism industry, more than 15 million people are directly engaged in tourism.