Which of the statements is most suitable to describe direction of India rsquo s foreign trade ........

Economic and Social Issues Liberalization, Privatization and Globalisation

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Which of the statements is most suitable to describe direction of India’s foreign trade?

Trade with OPEC regions has improved substantially

Importance of OECD countries in exports of India has increased

UK occupies first place in India’s exports

Import from SAARC has increased

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Explanation:

The direction of Import:
The direction of India’s imports has changed remarkably in the meantime.
Upon a block-wise analysis of trade with the five blocks i.e., OECD, OPEC, Eastern Europe, Developing countries, and other countries, we can make the following observations-
Although the share of OECD countries in India’s imports was all along higher, at the same time share gradually declined from 78 percent in 1960-61 to 37.8 percent in 2003-2004.
The share of OPEC in India’s total imports gradually increased from 4.6 percent in 1960-61 to 7.2 percent in 2003-2004.