Mention the characteristics of the India's foreign trade.
The characteristics of India's foreign trade are mentioned below:
1. India has a share only 0.75% (2003–04) in the total world trade. About 90% of India's foreign trade is done through the sea. Countries sharing a land border with India are either economically backward or they have a political rivalry.
2. As a result of very large population and a small amount of trade, the per capita foreign trade of India is quite low in comparison to that of developed and developing countries. India has an unfavourable balance of trade.
3.The total imports of India amounted 608 crores increased to 349931 crores in 2003–04 and the export during these years increased from 606 crores to 286442 crores. Most of the foreign trade is handled by only by the 11 major ports of the country
4. Today India exports goods to more than 200 countries and imports from more than 180 countries of the world. We export more than 8250 types of goods and the diversity of goods imported has also increased.
5. Project exports : This is an invisible item of export. It refers to export at skills include contracts of consultancy, construction and industrial projects. Exports of electronics, computer hardware and software had increased significantly during the recent years.