Consider the following with reference to India rsquo s trade composition Manufactured goods constitu...........

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Consider the following with reference to India’s trade composition.

Manufactured goods constitute the bulk of exports in terms of value.
Petroleum, Oil and Lubricant (POL) Imports constitute more than fifty per cent of imports in terms of value.
United States is the major source of India’s imports.
China is the largest export partner of India.

Select the correct answer using the codes below.

1, 2 and 4 only

2 and 3 only

1 only

1, 3 and 4

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Explanation:

Statement 1: Manufactured goods constitute the bulk of exports—over 63 per cent in recent years, followed by crude and petroleum products (including coal) with a 20 per cent share, and agriculture and allied products with a share of 13.7 per cent share.

Statement 2: One of the major items in India's import basket is the POL group, which accounted for 36.6 per cent of India's total imports. POL imports surged with a growth of 46.2 per cent in 2011—12, mainly on account of significant increase in global crude oil prices. Capital goods imports are another major group which declined continuously from 2011—12 onwards. Within capital goods, imports of machinery registered positive growth in 2014—15. Gold and silver imports accounted for 11.4 per cent of India's total imports in 2012—13 and 7.4 per cent in 2013—14.

Statement 3: The following table shows India's 11 largest sources of imports: