With reference to the international trade of India at present, which of the following statements is/are correct?
- India’s merchandise exports are less than its merchandise imports.
- India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
- India’s exports of services are more than its imports of services.
- India suffers from an overall trade/current account deficit.
Select the correct answer using the code given below:
[UPSC Civil Services Exam – 2020 Prelims]
(a) 1 and 2 only
(b) 2 and 4 only
(c) 3 only
(d) 1, 3 and 4 only
This Question was cancelled by UPSC.
- India is a net exporter in services. Observing the recent trends, there was a surplus of $6.84 billion in June, with exports standing at $16.48 billion and imports at $9.64 billion. Hence 3 is correct.
- As per RBI’s data, India’s merchandise exports during April-August 2019-20 was 133 bn USD as compared to 210 bn of imports during the same period. Hence statement 1 is correct.
- Export of iron and steel products witnessed a sharp rise of more than 100% in June 2020. Hence 2 is incorrect.
- Chemicals include dyes and dye intermediates, organic chemicals, inorganic chemicals, agro-chemicals, cosmetics & toiletries, and castor oil.
- From April 2019 to January 2020, the export of dyes increased by 9.12% y-o-y to US$ 2.27 billion. Cosmetics and toiletries increased by 5.62%. Hence 2 is incorrect.