Question : India's share in total global trade in value terms as of 2023 is:
Option 1: less than 1% but more than 1/2%
Option 2: more than 2%
Option 3: less than 1/2%
Option 4: between 1% and 2%
Correct Answer: more than 2%
Solution : The correct option is between 1% and 2% .
The percentage of goods exported from India to the rest of the world in 2021 was around 1.77%.
India’s total foreign trade in this calendar year crossed the $1 trillion mark in November. India exported $422.23 billion worth of commodities and services, while imports stood at $625.87 billion till November. According to Ministry of Commerce and Industry data, India’s foreign trade registered a deficit of $203 billion for the 11 months of this calendar year. However, compared to the same period last year, it has decreased by $40 billion.
The United States is India’s biggest trading partner, with total trade between the two countries amounting to almost $100 billion till October of this calendar year. With exports worth $63.36 billion and total imports amounting to $36.50 billion, India has achieved the highest trade surplus of over $26 billion from its foreign trade with the United States.
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