[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.

Around 90% of India's maritime trade is carried out through the Suez canal.

Ninety-five per cent of India's trade in volume and 68 per cent of India's trade in terms of value is moved by sea. The sea transports 95% of the country's trade volume (and 68% of its value).

Answer. 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.

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.

United States: The United States is India's largest trading partner, with a total trade volume of over $71.39 billion in 2023. The US is a major source of imports for India, including crude oil, machinery, and chemicals. India's main exports to the US include pharmaceuticals, textiles, gems, and jewelry.

The two primary destinations of India's exports are the EU and the United States, whereas the China and the EU are the two primary countries from which India's imports come from. These figures include trade in goods and commodities, but do not include services or foreign direct investment.

The main transport mode for global trade is ocean shipping: around 90% of traded goods are carried over the waves. Maritime transport forms part of a whole cluster of economic activities that can create economic value added. This comes with opportunities and challenges.

U.S. goods and services trade with India totaled an estimated $191.8 billion in 2022. Exports were $73.0 billion; imports were $118.8 billion.

The value of exports of China amounted to almost 3.4 trillion U.S. dollars in 2023, meaning that it was, by far, the country with the highest exports worldwide that year. The value of goods exported from China increased rapidly from 2020 to 2021.

What does India import the most? ›

India top imports include crude oil, coal, diamonds, chemicals, pharmaceuticals, rubber, plastics, electronics, and machinery, which account for 82% of all goods imports. China is still India's major import partner, followed by the US, UAE, Saudi Arabia, Iraq, and others.

According to government estimates, India's bilateral trade with the United States climbed to $112.3 billion in 2021, regaining the top rank from China, which slid to second place with bilateral trade valued at $110.4 billion. By now, it's clear that the answer to who is India's biggest trading partner is the US.

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.

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. However, a small portion is also carried through land routes to neighbouring countries like Nepal, Bhutan, Bangladesh and Pakistan.

The English East India Company was incorporated by royal charter on December 31, 1600 and went on to act as a part-trade organization, part-nation-state and reap vast profits from overseas trade with India, China, Persia and Indonesia for more than two centuries.

During the ancient times, India was the leading exporter of silk, cotton, sugar, precious stones. India was also the exporter of spices to the west and this was done through the spice route. All these items were exported in exchange for gold and silver from other nations.

Embracing globalisation can significantly benefit economies like India's, enhancing economic growth and elevating living standards through the benefits of international trade. It can also encourage infrastructural and regulatory improvements, pushing up overall efficiency and competitiveness (Sutherland, 2002).