Import Export India

by Micky B. Professional Writter

Imports and exports are two components of international trade. International trade can also be referred to as foreign trade, external trade or global trade. The principle underlying international trade is the buying and selling of goods and services between two countries in a commonly accepted foreign currency. The concept of international trade is based on the theory put forward by David Richardo. The theory explains why a country should focus on producing goods and services in which it has specialization and availability of natural resources instead of trying to grown or produce other commodities. By doing so, the country will be able to gain an advantage over other countries in the production and distribution of goods and services. Further, the cost of production will also reduce significantly thereby gaining significant foreign exchange for the country. Import export India records show that India exports large quantities of automobiles, electronics, textiles and exports large variety of agricultural produce.

There are two basic types of international trade – Bilateral international trade and multilateral international trade. The trade that takes place between two countries is referred to as bilateral trade. Both the countries maintain separate balance of payments for their imports and exports. Multilateral trade is when a country engages in trade with multiple countries. It is essential for a country to have multilateral trade agreements if it wants to achieve optimum industrial production and domestic consumption. Further, most countries in the present economic conditions are resorting to multilateral trade since it ensures division of labor and prevents hoarding of materials and sources in on location. Multilateral trade forces a country to increase its volume of trade to the maximum level.

Import export India trade statistics confirm that India is engaged in multilateral trade with most of the Asian, European and African countries. Raw materials and short term consumption goods are imported in large quantities from Asian countries like Japan, China, Korea, etc. Korea is by far the largest exporter of electronic appliances, gadgets, silicon circuits, etc to India. Germany which was completely exporting goods to India is now on the works to establish its own manufacturing facilities aimed at cost reduction. Indian exports textiles, manufacturing equipment, machinery, etc. from European countries where the technology is far superior to Indian standards. India on the other hand is experts in computer software and technology enabled services which has great demand all over the world.

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