Answer the following questions in about 120 words.

Write a note on the changing nature of the international trade in the last fifteen years.

International trade is defined as the exchange of goods and services between two or more nations. International trade has experienced a huge change in the past 15 years. Along with the exchange of goods and services exchange of knowledge has superseded our nation. India has emerged as a software giant at the international level and it is earning huge foreign exchange through the export of information technology. Economic prosperity of a country is evaluated on the basis of the advancement of international trade of the nation. It is, therefore, considered the economic barometer for a country. Income from International trade constitutes a huge share in the economic development.

Major Exports

● agricultural and allied products-2.53%

● ores and minerals-9.12%

● gems and jewellery-26.75

● chemical and allied products-24.45%

● engineering goods-35.63%

● petroleum products-86.12%

Major Imports

● petroleum and petroleum products-41.87%

● pearls and precious stones-29.26%

● inorganic chemicals-29.39%

● coal, coke and briquettes-94.17%

● machinery- 12.56%

● Bulk imports include fertilisers-67%, cereals-25.23%, edible oils-7.94% and newsprint-5.51. India has trade relations with all the major trading blocks and all geographical regions of the world.