International Trade (Part – III)

India's import of crude and petroleum products during the year 2001-02 accounted for about 27.2% of India's total imports. In comparison to previous year India's export growth rate was negative (-1.6%) in 2001-02. Hence, option (a) was the correct answer. According to Ministry of Commerce and Industry, Government of India, share of petroleum, crude products in total imports is at 26.52% in 2023-24 (P) and 29.4% in 2022-23.

As per the question period, sequence given in option (c) was the correct answer. According to the Economic Survey 2022- d choose your answer with 23, import values (in Rs. cr.) of these items in recent years are as follows:

Qatar is the largest liquefied natural gas (LNG) supplier to India. India imports LNG mainly from Qatar and some other countries through long-term agreements and also takes steps to diversify its own natural gas resources. As per the Statistical Review of World Energy 2023, India imported 28.4 billion cubic metres (bcm) of LNG in 2022, with Qatar (14.7bcm), UAE (3.8 bcm), USA (3.3 bcm), Nigeria and Oman (1.3 bcm each) being the top suppliers.

'West Texas Intermediate' (WTI) refers to a grade of crude oil. It is a specific grade of crude oil and one of the three major oil benchmarks used in trading, along with Brent and Dubai crude.

The Port of Haldia is a major port and industrial city in West Bengal. The main goods imported at Port of Haldia are: fertilizers, foodgrains, sugar, paper and newsprint, coking coal, petroleum and metallurgical coke, soda ash, iron and steel, limestone, machinery, scrap, vegetables, and general cargoes.

After the initial formalities are over and the importer has obtained the necessary amount of foreign exchange for im- port (through the Letter of credit), the next step in the import of goods is that of placing the order. This order is known as Indent and import process begins with it.

A Letter of Credit (L/C) is a written undertaking by the importer's bank, known as the Issuing Bank, on behalf of its customer, the Importer (Applicant), promising to effect payment in favour of the Exporter (Beneficiary) up to a stated sum of money, within a prescribed time limit and against stipulated documents. After the trading parties agree on a sale of goods, the Importer requests that its bank (the Issuing Bank) issue a Letter of Credit in favour of the Exporter.

A Letter of Credit (L/C) is a written undertaking by the importer's bank, known as the Issuing Bank, on behalf of its customer, the Importer (Applicant), promising to effect payment in favour of the Exporter (Beneficiary) up to a stated sum of money, within a prescribed time limit and against stipulated documents. After the trading parties agree on a sale of goods, the Importer requests that its bank (the Issuing Bank) issue a Letter of Credit in favour of the Exporter.

As per the question period as well as at present, manufactured goods have the largest share in total exports of India. According to the Economic Survey 2022-23, percentage share of major exports is as follows:

Note: Economic Survey 2023-24 is not released till end-June, 2024.

The increase in the share of manufactured products in exports indicates that the economy is going towards modernization because in the beginning stage of development an economy generally export agricultural goods, and import manufactured products. The increase of industrial production and exports of manufactured products is indicative of structural transformation of Indian economy in favour of modernization.