International Trade

Exchange of goods and services between

Exchange of goods and services between countries. It is necessary because no country produces everything it needs.

India’s external trade increased from Rs

India’s external trade increased from Rs. 1,214 crore in 1950-51 to Rs. 77,19,796 crore in 2020-21.

Imports have remained higher than exports

Imports have remained higher than exports in India’s foreign trade over the years. In 2021-22, exports were Rs. 31,47,021 crore and imports were Rs. 4

Manufactured goods formed the largest share

Manufactured goods formed the largest share of exports, though their share declined from 72.9% in 2015-16 to 67.8% in 2021-22. Crude and petroleum pro

During the 1950s and 1960s

During the 1950s and 1960s, major imports were foodgrain, capital goods, machinery, and equipment. After the 1970s, foodgrain import ended and was rep