There are several countries in the world with which India runs a negative trade balance Consider the...........

Economic Affairs Balance of Payments

There are several countries in the world with which India runs a negative trade balance. Consider the following statements in this context and identify the correct one/s.

1. India's maximum negative trade balance is with China among all countries.

2. India's negative trade balance with Saudi Arabia is largely due to Crude oil imports.

3. India's trade deficit with South Korea is because of import of Gold and Heavy machinery.

Select the correct answer using the codes given below

1 only

2 and 3 only

All of the above

1 and 2 only

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Explanation:

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South Korean imports via the FTA route had seen gold imports surge 104% to $2.45 billion in June. The imports saw 95% rise in July to $2.1 billion.