[Solved] Almost 90% of India’s Foreign trade by volume and 70% (2024)

FAQs

[Solved] Almost 90% of India’s Foreign trade by volume and 70%? ›

The correct answer is Maritime Transport. India has a vast coastline of approximately 7,517 km, including islands. Oceanic routes play an important role in the transport sector of India's economy. Approximately 95 percent of India's foreign trade by volume and 70 percent by value moves through ocean routes.

As of 2020, around of India's foreign trade by volume of goods traded was carried out through oceanic routes. Q. India was profited by the opening of the Suez canal.

According to the Ministry of Shipping, around 95% of India's trading by volume and 70% by value is done through maritime transport. However, a small portion is also carried through land route to neighbouring countries like Nepal, Bhutan, Bangladesh and Pakistan.

Answer: approximately 95% of India's trade by volume and 70% by value is conducted through maritime transport. These percentages may have changed slightly since then, but the maritime sector remains crucial for India's trade.

Approximately 95 per cent of Indias foreign trade moves through ocean routes.

India Trade & Investment Summary

Exports were $73.0 billion; imports were $118.8 billion. The U.S. goods and services trade deficit with India was $45.7 billion in 2022. U.S. goods exports to India in 2022 were $47.2 billion, up 17.9 percent ($7.2 billion) from 2021 and up 113 percent from 2012.

India has a large and healthy middle class, making it an attractive consumer market. Indeed, India is the world's largest market for manufactured goods and services, and ranks number 3 out of 141 economies for market size according to the WEF's Global Competitiveness Index.

According to the Commerce Ministry data, China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner. The US was the largest partner in 2021-22 and 2022-23.

The correct answer is Sea and air. India is surrounded by water on three sides and has a coastline of 7516.6 km. This geographical feature has made sea transport the major player in carrying out the international trade of India. Most of India's foreign trade is carried through sea and air routes.

In its latest Global Trade Outlook and Statistics report, India's share of global goods exports was 1.8% in 2023 and imports was 2.8%. In digitally delivered services, India's share rose to 6% in 2023 from 4.4% in 2019.

Who controlled most of the Indian Ocean trade? ›

During the Muslim period, in which the Muslims had dominated the trade across the Indian Ocean, the Gujaratis were bringing spices from the Moluccas as well as silk from China, in exchange for manufactured items such as textiles, and then selling them to the Egyptians and Arabs.

As the Indian Ocean trade network grew, societies thousands of miles apart began interacting directly. These interactions led to the increased spread of cultures into new areas. As these cultures interacted, they combined to create new blended cultures.

Most exported products from India include Petroleum products, gems and jewellery, textiles and garments, medicines, organic and inorganic chemicals, machinery and equipment, iron and steel, cars, dairy products, and tea are among India's top ten exports.

Infrastructure Development: Investments in infrastructure development, such as ports, roads, and logistics facilities, have improved connectivity and reduced trade barriers, facilitating smoother export operations.

The main exports of India (currency shown in USD) include: Refined Petroleum ($30.2B) Diamonds ($26.5B) Packaged medicaments ($13.2B)

The correct answer is Sea and air. India is surrounded by water on three sides and has a coastline of 7516.6 km. This geographical feature has made sea transport the major player in carrying out the international trade of India. Most of India's foreign trade is carried through sea and air routes.

Engineering Goods: India exports a variety of engineering goods, including machinery, equipment, and tools. Rice and Agricultural Products: Rice and other agricultural products are also significant contributors to India's export revenue.