International and service to consumer in another nation, it

International
trade is any lawful exchange of products and services between nations. At the
point when a business in one nation exports (sell abroad) product and service
to consumer in another nation, it is called international trade. international
trade also happens when customers in a nation import (buy from abroad) products
and service from a foreign country.

International
trade is important because it enables national markets to give  variety of products and services to their
consumers that they would be not able to provide if they were limited to the
production of goods and services within their borders.

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The
consequence of international trade is that almost any type of good is
accessible on the global market, from resources, for example, oil, water, and
steel to necessities, for example, food, attire, and building materials to
luxury products, for example, precious stones and designer clothing. Numerous
services are exchanged globally, for example, legal, accounting, advertising
and banking. Another major consequence of international trade is that the more
manufactures that participate in an industry, the greater the competition
between manufactures  becomes. greater
competition  brings about more
competitive costs, which means that buyers have access to a number of low cost
products

In
1991, the Indian economy was opened up for globalization under the initiative
of then Prime Minister P. V. Narasimha Rao and Former Finance Minister Manmohan
Singh for empowering international trade in 
India. India is currently the eighth biggest economy on the world in
terms of nominal GDP.

In
2016 India exported $256B, making it the eighteenth biggest exporter in the
world. during the most recent five years the exports of India have decreased at
an annualized rate of – 1.585%, from $274B in 2011 to $256B in 2016. The latest
exports are driven by Refined Petroleum which represent 9.9% of the aggregate
exports of India, followed by Diamonds, which represent 9.3%.

 

 

Based
on statics from the International Monetary Fund’s World Economic Outlook
Database, India’s aggregate Gross Domestic Product amounted to $8.721 trillion
as of October 2016. Along these lines, exports represented around 3% of
aggregate Indian economic output.

From
a continental point of view, 49.1% of Indian exports by value are conveyed to
Asian nations while 19.5% are sold to European importers. India transports
another 18.1% to North American clients with 8.7% worth landing in Africa.

The
following exports good groups represent to the highest dollar value in Indian
global shipments during 2016. Also indicated the percentage share each export
category represent in terms of overall exports from India.

1.      Gems, precious metals:
US$43 billion (16.5% of total exports)

2.      Mineral fuels including
oil: $27.7 billion (10.6%)

3.      Vehicles: $15 billion
(5.7%)

4.      Machinery including
computers: $13.6 billion (5.2%)

5.      Pharmaceuticals: $13
billion (5%)

6.      Organic chemicals: $11.3
billion (4.3%)

7.      Clothing, accessories
(not knit or crochet): $9 billion (3.5%)

8.      Electrical machinery,
equipment: $8.2 billion (3.1%)

9.      Knit or crochet
clothing, accessories: $7.9 billion (3%)

10.  Iron, steel: $6.4
billion (2.5%)

 

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