Export Import Data India- an overview of India’s Balance of Trade

Exports can be defined as the process of one country selling goods to another country or a group of countries in exchange of commonly accepted currency. Often the commonly accepted currency is either the US Dollar or the Euro. Often trade agreements are signed between two nations or a group of nations where they agree to export goods to one another in exchange of the currency of either of the nations like the trade agreements between Russia & India or the trade agreement between Iran & India. Exports help to bring in foreign currency into a nation which helps the economy.

Import data Process

Imports on the other hand are the process of one country buying goods from a nation or a group of nations to meet the domestic demand of a particular commodity. Imports are often discouraged by some nations as they drain foreign currency from the nation. The foreign currencies used by most nations for buying of goods are either the US Dollar or the Euro. In case, countries have a trade agreement between them they have the added advantage of buying goods by using barter trade. The export import data India tells us that presently India spends more on imports than it earns on its exports.

Balance of Trade can be defined as the difference between the amount of foreign currency coming in and going out of India. Balance of trade can be is dependent on two major factors like amount of imports and amount of exports. In case of India balance of trade is currently negative. In case a nation’s exports are greater than its imports then it is called a positive balance of trade and vice versa in case of negative balance of trade. Export Import Data India, at present India’s balance of trade is negative. If current rates of balance of trade are followed then India’s balance of trade will become positive by the year 2021.

Export data details

Export import data India tells us that some of the largest exports of India are tea, Jute, Processed mineral oils, ship building and computer hardware. Export import data India also tells us about the primary imports of India like crude oil, precious metals, etc.

A concerning factor in India’s import are the imports of crude oil for meeting domestic Industrial and private demand of petroleum. With the recent industrial boom in India, the need for petroleum has increased which has been spurred further by the tremendous growth in the automobile sector. The recent growth of petroleum processing units in India has also increased the pressure on the import of crude oil into India. As India has very little farming of Sunflower, the imports of animal and vegetable oils also forms a large part of India’s imports.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Dec 31st 1969 18:00. Viewed 0 times.

Share on APSense

Comments