INDIA’S TRADE SCENARIO
India’s import grew higher than export in most of the decades,therefore, India is structurally a deficit country in trade.
Its negative trade balance is increasing by degrees although it improved marginally in 2013.India’s merchandise trade balance is positive with developed north America and with Southern Asia only and it is negative with the rest of the other regions.
Since India’s trade is service sector led ,then it is shown that service trade balance of India is on the upward trend although it trends downward since 2010 due to financial crises.India’s service exports contain 33.7% in computer and information technology followed by other business 31.4% ,travel 12.3% and so on .
On the other hand, service imports contain 46.9% in transportation followed by other business 23.2% and travel 9.6% respectively.It is noted that India was the largest exporter worldwide of computer and information services in 2012 and India’s largest import in 2013 was in oils and minerals.