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With reference to the international trade of India at present, which of the following statements is/are correct?
Select the correct answer using the code given below :
1 and 2 only
2 and 4 only
3 only
1, 3 and 4 only
Statement 1 is correct: India's merchandise exports in August stood at $22.70 billion, whereas, India's merchandise exports stood at US$ 19.05 billion. The country saw a minor trade surplus in June for the first time in 18 years even as merchandise exports continued to shrink for the fourth month in a row, albeit at much lower rate than the preceding three months.
Source: https://www.business-standard.com/article/economy-policy/india-a-small-net-exporter-after-18-yrs-even-as-merchandise-shipments-dip-120071501441_1.html
Statement 2 is incorrect: Except for iron ore and drugs and pharmaceuticals, all other commodities saw a negative growth. Statement 2 is incorrect Statement 3 is correct: India's services imports are relatively small, at around 4¼ per cent of GDP, with business services, travel and transportation services accounting for more than 70 per cent of total services imports. Statement 4 is correct: On closer analysis of India’s merchandise trade, we find that India faces trade deficit as imports have always grown faster than exports for this period. Hence option 4th is correct.
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